With a market cap of $16.4 billion, Essex Property Trust, Inc. (ESS) is a fully integrated REIT focused on acquiring, developing, redeveloping, and managing multifamily residential properties across select West Coast markets. The company holds ownership interests in 257 apartment communities totaling over 62,000 homes, with an additional property currently under active development.
Shares of the San Mateo, California-based company have underperformed the broader market over the past 52 weeks. ESS stock has decreased 12.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 12.6%. Moreover, shares of the company are down 2% on a YTD basis, compared to SPX’s marginal gain.
