Essex dividend
MyStockButler's October 2026 analysis: Essex paid a $10.28 dividend per share in 2025. Essex’s operating cash covered dividends in every year from 2021 through 2025, though capital spending means coverage is not a complete measure of cash available to shareholders.
How much does Essex pay shareholders per share?
Essex paid a $10.28 dividend per share in 2025, producing a 64.5% payout ratio. That leaves a margin against the stated earnings measure, but the margin must also absorb upkeep, debt principal and future investment.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| FFO per share | 15.98 | 15.99 | 15.24 | 13.70 | 13.98 |
| Core FFO per share (company's measure) | 15.94 | 15.60 | 15.03 | 14.51 | 12.49 |
| Dividend per share | 10.28 | 9.80 | 9.24 | 8.80 | 8.36 |
| Core FFO payout ratio | 64.5% | 62.8% | 61.5% | 60.6% | 66.9% |
What this means. The company’s own version of profit per share differs from our version because it makes its own adjustments and may not subtract regular spending needed to maintain its properties.
Is Essex's dividend paid from cash?
From 2021 through 2025, operating cash covered dividends in every year. That is a useful sign of payout strength, but it does not mean Essex could fund every acquisition, renovation and development project from operations alone. Buildings require continuing capital after ordinary property expenses have been paid.
In 2025, operating cash flow was $1.074 billion. Rental-property capital expenditures were $140.3 million, leaving about $934.1 million by that narrow calculation. Essex also spent on redevelopment and development additions, so this is not a complete measure of cash available to shareholders.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 1,074,423 | 1,068,305 | 980,064 | 975,649 | 905,259 |
| − Dividends paid | 654,068 | 620,466 | 586,976 | 565,924 | 542,860 |
| = Operating cash after dividends | 420,355 | 447,839 | 393,088 | 409,725 | 362,399 |
| − Acquisitions | 831,661 | 940,440 | 25,098 | 21,870 | 153,481 |
| − Development and capital spending | 283,845 | 209,841 | 220,820 | 287,624 | 232,650 |
| − Shares bought back | 0 | 0 | 95,657 | 189,726 | 9,172 |
What could change Essex's dividend?
The base dividend rises from the latest $10.36 annualized rate to $10.62, $10.92 and $11.23. The increases follow modest operating growth and a 64.5% payout ratio in 2025. The bear case freezes the dividend at $10.36 because refinancing and expense pressure could consume the cushion. The bull case reaches $10.88, $11.48 and $12.11 as leasing improves. Five consecutive years of increases and operating cash coverage support continued payments, but not necessarily the faster path.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Core FFO (Core Funds from Operations) | 1,097 (1,076 / 1,119) | 1,130 (1,087 / 1,169) | 1,164 (1,103 / 1,227) |
| Shares (millions) | 64.48 (64.73 / 64.14) | 64.62 (65.11 / 63.98) | 64.76 (65.47 / 63.83) |
| Dividends per share | 10.62 (10.36 / 10.88) | 10.92 (10.36 / 11.48) | 11.23 (10.36 / 12.11) |
| Price to Core FFO (Core Funds from Operations) | 17.00 (15.00 / 19.50) | 17.00 (14.00 / 20.00) | 17.00 (13.00 / 20.50) |
What is Essex's dividend yield against its share price?
Today’s price buys a residual claim on Essex’s apartment income, after property costs, lenders and other obligations. At October 28, 2026, the shares traded at $274.08, and 64.338 million common shares implied a market value of about $17.63 billion.