Essex Property Trust

Essex Property Trust is a real estate investment trust (REIT) that owns, develops and manages apartment communities on the West Coast of the United States. In October 2026, it owned or had interests in 255 apartment communities with more than 62,000 apartment homes. Its markets are Southern California (41% of same-property revenue in Q3 2026), Northern California (41%) and the Seattle area (18%).

Santa Clara County, the center of Silicon Valley, gave 21% of revenue, and Los Angeles County gave 17%. Essex also makes preferred equity investments in apartment projects of other owners. As a REIT, it pays out most of its taxable income as dividends, and it raised its dividend in 2026 for the 32nd year in a row.

The market prices Essex for slow rent growth in Southern California and for doubt that strong demand in the San Francisco Bay Area will last. In Q3 2026, same-property revenue rose 5.4% in Northern California but only 1.5% in Southern California and 1.3% in the Seattle area, and Los Angeles County revenue rose only 0.5% from a year earlier. Demand in the Bay Area depends much on technology companies, whose hiring can change quickly. Higher interest rates also make apartment REITs less attractive against bonds, and they make new debt more costly.

Essex also paid legal settlements of $55.8 million in Q2 2026, including $36.5 million to resolve the RealPage rent pricing claims. For the gap to close, three things must be true. Same-property revenue growth must stay near the 2.8% to 3.0% range of the 2026 guidance, with Los Angeles growth that does not fall again. The low new apartment supply that Essex forecasts for its markets in 2026 and 2027 must support rent increases in 2027.

Core FFO must reach the $16.10 to $16.22 per share range of the 2026 guidance. The Q3 2026 report on October 27, 2026 passed the first test. The Q4 2026 report with the 2027 guidance, expected in late January or early February 2027, is the main test. If these checks pass, the gap can close over the next four to six quarters.

The main reason it may not close is a cut in technology jobs in the Bay Area or Seattle, which would slow rent growth where it is now strongest.

1. Oct 27, 2026Passed

   Q3 2026 results: rent growth by regionSame-property revenue growth near 2.8% and stable or rising Los Angeles revenue pass; a cut in the 2026 guidance or a further fall in Southern California fails.Outcome: Same-property revenue rose 3.0%, Los Angeles County revenue rose 0.1% from Q2, and Essex raised its 2026 Core FFO and same-property guidance.
2. Jan 27, 2027 · est.Pending

   Q4 2026 results: 2027 guidance2027 guidance for same-property revenue growth of about 3% or more passes; guidance for slower growth than in 2026 fails.

Every passed and failed checkpoint across all picks

• October 27, 2026Essex reported Q3 2026 results. Core FFO rose 0.8% to $4.00 per share, $0.01 above the midpoint of its guidance. Same-property revenue rose 3.0% and same-property NOI rose 3.1%. Northern California revenue rose 5.4%, and Southern California revenue rose 1.5%. Essex sold three communities for $111.9 million at its share and raised its 2026 Core FFO guidance midpoint by $0.02 to $16.16 per share and its same-property revenue growth midpoint to 2.9%. After the quarter, it took ownership of a 378-unit community in Oakland that backed one of its loans.
• September 24, 2026Essex entered into a $275 million unsecured term loan with Bank of America as agent. It matures on September 24, 2029, with two one-year extension options, and it bears interest at SOFR plus 0.800%. Essex expects to use the money to repay commercial paper and for general corporate purposes.
• July 30, 2026Essex said in its Q2 2026 quarterly report that it agreed to pay $36.5 million to fully resolve its case in the class actions that claim that users of RealPage software worked together to raise rents. It also settled another case for $19.3 million. Both settlements need court approval. In May 2026, the board also approved a new $500 million stock repurchase plan.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · ess-20260930
• 8-KEarnings releaseFiled October 27, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled September 25, 2026 · ess-20260924
• 8-KInvestor disclosureFiled September 11, 2026 · ess-20260911
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · ess-20260630
• 8-KEarnings releaseFiled July 29, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled May 29, 2026 · ess-20260529
• 8-KShareholder vote resultsFiled May 14, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 29, 2026 · ess-20260331
• 8-KEarnings releaseFiled April 28, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 920522)

• Essex owns apartments only on the West Coast, and Santa Clara County alone gave 21% of revenue in Q3 2026. Job cuts at technology companies in the Bay Area or Seattle would slow rent growth.
• Rent growth in Southern California and Seattle is slow. Los Angeles County revenue rose only 0.5% in Q3 2026 from a year earlier, and Seattle area NOI fell 0.4%. If this weakness lasts or spreads, same-property growth can fall below guidance.
• Higher interest rates raise the cost of new debt and can lower the value of apartment buildings. Variable rate debt was $533 million, or 8% of debt, at September 30, 2026, including the $275 million term loan of September 2026.
• California and its cities can pass new rules on rents and evictions. Courts must still approve the RealPage settlement, and new claims about rent pricing tools are possible.

Essex funds itself mainly with unsecured public bonds. At September 30, 2026, total debt was $6.64 billion of principal, or $6.61 billion net of discounts and costs, with a weighted average interest rate of 3.8% and a weighted average maturity of 6.6 years. Read more

Yield at the current rate

3.8% (current annual rate, at today’s price)

Dividend yield

3.8% (last 12 months, at today’s price of $274.00)

Paid per share

$10.34 in the last 12 months (4 payments)

Current annual rate

$10.36 ($2.59 × 4 a year)

Payout ratio

98% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 30, 2026, $2.59 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 4.1% a year. From 2015 to 2025, the dividend grew by about 5.8% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.