San Mateo, California-based Essex Property Trust, Inc. (ESS) is a REIT acquires, develops, redevelops, and manages multifamily residential properties in supply-constrained markets. With a market cap of $19.6 billion, Essex operates as a leader in the West Coast multifamily housing market and holds ownership stakes in 250+ apartment communities and 62,000+ homes.
The real estate major has outpaced the broader market over the past year. Essex stock prices have surged 44.3% over the past year outpacing the S&P 500 Index’s ($SPX) 32.1% gains during the same time frame. However, Essex’s 24.9% gains in 2024 have slightly lagged behind SPX’s 26.2% returns on a YTD basis.
