With a market cap of $17.8 billion, Essex Property Trust, Inc. (ESS) is a residential real estate investment trust (REIT) that owns, develops, redevelops, and manages multifamily apartment communities primarily along the U.S. West Coast. Headquartered in San Mateo, California, the company focuses on high-barrier, supply-constrained markets such as Northern California, Southern California, and the Seattle metropolitan area.
Shares of the REIT have underperformed the broader market over the past 52 weeks. ESS shares have increased 2.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 29.6%. Moreover, shares of the company are up 6% on a YTD basis, compared to SPX’s 9.8% gain.
