13 Cheapest Dividend Aristocrats to Invest in

5. Essex Property Trust, Inc. (NYSE:ESS)

Forward P/E Ratio: 13.99

On February 5, Stifel trimmed its price recommendation on Essex Property Trust, Inc. (NYSE:ESS) to $278 from $290.75. It reiterated a Hold rating on the stock. The adjustment followed updates to the firm’s estimates after reviewing the company’s fourth-quarter results.

Essex reported its Q4 2025 numbers the same day. During the earnings call, President and CEO Angela Kleiman said full-year same-store revenue growth landed at the top end of the company’s guidance range. FFO per share also came in above the midpoint of expectations. She attributed the results to tight coordination between on-site property teams and corporate operations. Other income showed solid growth, and delinquency recovery rates improved to levels close to where they stood before the pandemic.

Northern California stood out. Kleiman said the region performed better than anticipated, helped by ongoing expansion in the technology sector, steady migration trends, and limited housing supply. Rent growth across most of Essex’s markets outpaced the national average. Occupancy rose 20 basis points from the prior quarter to 96.3%, while concessions averaged about one week. Los Angeles posted the largest occupancy gain, climbing 70 basis points sequentially.

On the capital allocation front, Kleiman noted that non-portfolio institutional multifamily transactions totaled $12.6 billion in 2025, a 43% increase from 2024. She added that Essex has been the largest investor in Northern California over the past two years.

Essex Property Trust, Inc. (NYSE:ESS) is a self-managed REIT focused on acquiring, developing, redeveloping, and operating apartment communities in select West Coast markets.