Essex Property Trust

Real Estate Multi-Family Residential REITs San Mateo, California Last filing Feb 20, 2026 · FY2025

                    Revenue
                    FY2025
                
$1.9B
                    3y CAGR +5.5%
                    
                    P37
                    
                    +6.4%
                    
                    Net income
                    FY2025
                
$702.8M
                    Net margin +37.2%
                    
                    P83
                    
                    -13.4%
                    
                    Total assets
                    FY2025
                
$13.2B
                    ROA +5.3%
                    
                    P81
                    
                    +1.8%
                    
                    Operating cash flow
                    FY2025
                
$1.1B
                    
                    +0.6%

18 yrs · FY2008–FY2025 1 quarantined 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

19 accounts · 3 years

Total assets $13.2B

Total liabilities $7.4B

Shareholders equity $5.5B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$76.2M 14.1%	$66.8M -82.9%	$391.7M
Short Term Investments	$100.0K 0.0%	$100.0K -99.9%	$87.8M
Prepaid Expenses	$90.7M -6.4%	$96.9M 22.3%	$79.2M
Operating Lease Assets	$50.8M -1.4%	$51.6M -19.1%	$63.8M
Total Assets	$13.2B 1.8%	$12.9B 4.6%	$12.4B
Liabilities
Operating Lease Liabilities	$51.5M -1.9%	$52.5M -19.4%	$65.1M
Other Current Liabilities	$51.7M 3.0%	$50.2M 8.8%	$46.2M
Total Current Liabilities	$7.4B 3.4%	$7.2B 6.5%	$6.7B
Long Term Debt	$0	$0	$0
Operating Lease Liabilities Noncurrent	$51.5M -1.9%	$52.5M -19.4%	$65.1M
Other Noncurrent Liabilities	$51.7M 3.0%	$50.2M 8.8%	$46.2M
Total Liabilities	$7.4B 3.4%	$7.2B 6.5%	$6.7B
Equity
Preferred Stock	$0	$0	$0
Common Stock	$6.0K 0.0%	$6.0K 0.0%	$6.0K
Additional Paid In Capital	$6.7B 0.2%	$6.7B 0.2%	$6.7B
Accumulated Other Comprehensive Income	$6.0M -75.5%	$24.7M -26.5%	$33.6M
Noncontrolling Interest	$167.3M -8.8%	$183.3M 7.1%	$171.2M
Total Stockholders Equity	$5.5B 0.1%	$5.5B 2.1%	$5.4B
Total Liabilitiesand Equity	$13.2B 1.8%	$12.9B 4.6%	$12.4B

Income Statement

Revenue, expense, and profitability

14 accounts · 3 years

Revenue $1.9B

Operating income $899.3M

Net income $702.8M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$1.9B 6.4%	$1.8B 6.3%	$1.7B
Expenses Cost of Revenue	$1.3B 3.3%	$1.2B 9.0%	$1.1B
Expenses Selling,General and Administrative	$71.9M -27.3%	$98.9M 55.8%	$63.5M
Expenses Depreciation and Amortization	$607.5M 4.7%	$580.2M 5.8%	$548.4M
Expenses Share Based Compensation	$9.6M 34.7%	$7.2M -10.9%	$8.0M
Expenses Operating Expenses	$1.3B 3.3%	$1.2B 9.0%	$1.1B
Other Income Expense Gross Profit	$1.3B 6.1%	$1.2B 6.2%	$1.2B
Other Income Expense Operating Income	$899.3M 27.9%	$703.1M 20.3%	$584.3M
net Income net Income	$702.8M -13.4%	$811.3M 88.4%	$430.7M
net Income Comprehensive Income	$651.1M -11.1%	$732.6M 86.5%	$392.9M
Earnings Per Share Basic Eps	$10 -10.0%	$12 82.8%	$6
Earnings Per Share Diluted Eps	$10 -9.9%	$12 82.6%	$6
Earnings Per Share Weighted Average Shares Basic	$64.4M 0.2%	$64.2M 0.0%	$64.3M
Earnings Per Share Weighted Average Shares Diluted	$64.4M 0.2%	$64.3M 0.0%	$64.3M

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 3 years

Operating cash flow $1.1B

Investing cash flow $-552.5M

Financing cash flow $-512.2M

Account	2025	2024	2023
CashFlow
Operating Activities net Income	$702.8M -13.4%	$811.3M 88.4%	$430.7M
Operating Activities Depreciation and Amortization	$607.5M 4.7%	$580.2M 5.8%	$548.4M
Operating Activities Stock Based Compensation	$9.6M 34.7%	$7.2M -10.9%	$8.0M
Operating Activities Deferred Income Taxes	$-2.1M -125.6%	$-929.0K -233.3%	$697.0K
Operating Activities Changes In Operating Assets and Liabilities	$2.0M 106.3%	$-32.0M -429.3%	$9.7M
Operating Activities Other Non Cash Items	$-2.3M -18.5%	$-1.9M -169.8%	$2.7M
Operating Activities net Cash From Operating Activities	$1.1B 0.6%	$1.1B 9.0%	$980.1M
Investing Activities Purchases of Investments	$25.5M 2446.4%	$1.0M -95.2%	$20.8M
Investing Activities net Cash From Investing Activities	$-552.5M 43.2%	$-973.1M -570.4%	$-145.1M
Financing Activities Proceeds From Debt	$1.1B 106.9%	$554.9M -7.2%	$598.0M
Financing Activities Repayment of Debt	$808.6M 100.6%	$403.1M 33.3%	$302.4M
Financing Activities Repurchase of Common Stock	$0	$0 -100.0%	$95.7M
Financing Activities Dividends Paid	$662.2M 5.2%	$629.6M 6.1%	$593.2M
Financing Activities Proceeds From Stock Issuance	$8.9M -27.5%	$12.3M	$0
Financing Activities Tax Withholding On Stock Based Compensation	$8.1M 152.2%	$3.2M -15.9%	$3.8M
Financing Activities net Cash From Financing Activities	$-512.2M -22.0%	$-419.7M 12.1%	$-477.3M
Cash Reconciliation Effect of Exchange Rate On Cash	$85.6M 12.8%	$75.8M -81.1%	$400.3M
Cash Reconciliation net Change In Cash	$9.7M 103.0%	$-324.5M -190.7%	$357.7M
Cash Reconciliation Cash At Beginning of Period	$85.6M 12.8%	$75.8M -81.1%	$400.3M
Cash Reconciliation Cash At End of Period	$85.6M 12.8%	$75.8M -81.1%	$400.3M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+31.8%	+29.7%	+31.5%
Operating margin	+47.6%	+39.6%	+35.0%
Net margin	+37.2%	+45.7%	+25.8%
FCF margin	—	—	—
Growth
Revenue CAGR (3y)	+5.5%	+7.2%	+3.7%
Returns
ROE	+12.7%	+14.7%	+7.9%
ROA	+5.3%	+6.3%	+3.5%
ROIC	+16.5%	+12.9%	+11.6%
Liquidity
Current ratio	—	—	—
Quick ratio	—	—	—
Leverage
D/E	1.34x	1.30x	1.24x
Interest coverage	—	—	2.74x
Efficiency
Asset turnover	0.14x	0.14x	0.14x
Cash conversion cycle	—	—	—

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Essex Property Trust

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