Essex Property (ESS) | Hoya Hotseat

October 2, 2026 | Hoya Capital

Essex Property (ESS) | Hoya Hotseat 2026-10-02 Essex Property Trust (ESS) is the second-largest apartment REIT, owning a portfolio focused exclusively on the West Coast, comprising over 63,000 units across supply-constrained markets in California and Washington. One of roughly 30 REITs listed on the S&P 500, Essex targets submarkets combining low housing supply, strong job growth, and high income growth, a strategy that has consistently produced rent growth above the U.S. average over the long term.

CEO Angela Kleiman joins the Hoya Hotseat to discuss Essex's multi-year runway for West Coast apartment outperformance, driven by Northern California’s ongoing recovery, historically low housing supply, and expanding technology and AI-related employment. Kleiman notes that recession remains the primary downside risk, but argues historically low housing supply should provide resilience, with Essex markets still positioned to outperform most major U.S. metros over time. Kleiman highlights Essex’s disciplined capital allocation and clustered operating platform, which supports industry-leading margins and shareholder returns, including 32 consecutive years of dividend growth and its status as a Dividend Aristocrat.

About Hoya Capital Hoya Capital Real Estate ("Hoya Capital") is a research-focused Registered Investment Advisor headquartered in Rowayton, Connecticut. Founded with a mission to make real estate more accessible to all investors, Hoya Capital specializes in managing institutional and individual portfolios of publicly traded real estate securities, focused on delivering sustainable income, diversification, and attractive total returns. Focused on Real Assets, REITs, Dividend Growth, High Yield, & ETFs. For more information, visit www.HoyaCapital.com.