Essex Property Trust (ESS) FY2025 10-K Annual Report
Essex Property Trust (ESS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 20, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Essex Property Trust FY2025 10-K Analysis
Business Overview
- • Core business: Ownership, operation, acquisition, development of West Coast apartment communities (63,077 apartment homes across 259 communities)
- • New joint venture Wesco VII with State of Wisconsin Investment Board, $100M equity commitment for multifamily projects
Management Discussion & Analysis
- • Revenue $1.878B, up 6.4% YoY; 2025 Same-Properties revenues $1.643B, up 3.3% ($52.6M)
- • Operating expenses rose: property expenses +7.7% ($25.3M), real estate taxes +6.3% ($12.2M), depreciation +4.7% ($27.3M)
Risk Factors
- • California Proposition 13 repeal/amendment risks with potential for substantial retroactive property tax increases on California properties
- • Economic downturn in California and Washington markets risking reduced apartment demand, as Company operates primarily in these high-tax, regulated states
Essex Property Trust FY2025 Key Financial MetricsXBRL
Revenue
$9M
▼ -8.6% YoY
Net Income
$670M
▼ -9.7% YoY
Gross Margin
14060.1%
▲ +193483bp YoY
Operating Margin
9586.6%
▲ +273713bp YoY
Net Margin
7138.5%
▼ -8525bp YoY
ROE
12.1%
▼ -131bp YoY
Total Assets
$13.2B
▲ +1.8% YoY
EPS (Diluted)
$10.40
▼ -9.9% YoY
Operating Cash Flow
$1.1B
▲ +0.6% YoY
Source: XBRL data from Essex Property Trust FY2025 10-K filing on SEC EDGAR. All figures in USD.
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