Valued at a market cap of $19 billion, Essex Property Trust, Inc. (ESS) is a real estate investment trust (REIT). The California-based company is engaged in the acquisition, development, redevelopment, and management of multifamily residential properties in selected West Coast markets, including Los Angeles, Orange, the San Francisco Bay Area, and the Seattle metropolitan areas.
Shares of this REIT have slightly underperformed the broader market over the past 52 weeks. ESS has gained 24.2% over this time frame, while the broader S&P 500 Index ($SPX) has soared 24.8%. But, in 2024, shares of ESS are up 19.7%, surpassing SPX’s 17.7% gain on a YTD basis.
