Institutional Holder T. Rowe Price Reports 3.32M ESS Shares

Rhea-AI Filing Summary

T. Rowe Price Associates, Inc. reports beneficial ownership of 3,321,818 shares of Essex Property Trust (ESS), equal to 5.2% of the class. The filing shows sole voting power for 3,277,567 shares and sole dispositive power for 3,321,433 shares, with no shared voting or dispositive power reported. The statement asserts the securities were acquired and are held in the ordinary course of business and includes a declaration denying that the filer is the beneficial owner for certain purposes. This Schedule 13G discloses a passive, reportable institutional stake by a registered investment adviser.

Positive

• T. Rowe Price Associates reports beneficial ownership of 3,321,818 shares, representing 5.2% of ESS.
• Sole voting power is reported for 3,277,567 shares and sole dispositive power for 3,321,433 shares, with no shared powers.
• Filing classifies the filer as an investment adviser (IA), indicating institutional reporting under Schedule 13G.

Negative

• Filing includes a declaration denying beneficial ownership for certain purposes, which may complicate interpretation of control claims.
• No shared voting or dispositive power is reported, indicating the position is held solely rather than jointly with others.

Insights

Financial Analyst

Tl;DR: A 5.2% disclosed stake by a major adviser shows meaningful institutional exposure but is reported as passive.

The filing confirms T. Rowe Price Associates, Inc. holds 3,321,818 shares of ESS, representing 5.2% of the class, and reports sole voting and dispositive power over nearly all of those shares. As a Schedule 13G filed by an entity classified "IA," the disclosure indicates passive ownership rather than an intent to change control. For investors, the key facts are the position size and the allocation of voting versus dispositive powers contained in the filing.

Corporate Governance Expert

Tl;DR: Reported sole voting power with no shared power suggests the holder controls voting on its position but still frames the stake as passive.

The document reports sole voting power for 3,277,567 shares and sole dispositive power for 3,321,433 shares, with zero shared power. The filer also includes a certification that the holdings were acquired in the ordinary course of business and contains language denying beneficial ownership for certain purposes. These elements together point to a disclosed institutional position without an expressed push for governance change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

ESSEX PROPERTY TRUST INC

(Name of Issuer)

REIT

(Title of Class of Securities)

297178105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 297178105

1

Names of Reporting Persons

T. Rowe Price Associates, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MARYLAND

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 3,277,567.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 3,321,433.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,321,818.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ESSEX PROPERTY TRUST INC
(b)	Address of issuer's principal executive offices: 1100 PARK PLACE, SUITE 200, SAN MATEO, CA, 94403
Item 2.
(a)	Name of person filing: T. Rowe Price Associates, Inc.
(b)	Address or principal business office or, if none, residence: 1307 Point Street, Baltimore, MD 21231
(c)	Citizenship: Maryland
(d)	Title of class of securities: REIT
(e)	CUSIP No.: 297178105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 3321818
(b)	Percent of class: 5.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 3277567
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 3321433
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Associates, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Associates is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

T. Rowe Price Associates, Inc.

Signature:	Ellen York
Name/Title:	Vice President
Date:	08/14/2025

FAQ

How many ESS shares does T. Rowe Price own?

3,321,818 shares are reported as beneficially owned by T. Rowe Price Associates, Inc.

What percentage of Essex Property Trust (ESS) does this represent?

5.2% of the class is reported in the Schedule 13G.

How much voting power does T. Rowe Price report for its ESS stake?

Sole voting power is reported for 3,277,567 shares, and no shared voting power is disclosed.

Does the filing indicate T. Rowe Price intends to influence control of ESS?

The filer certifies the securities were acquired and are held in the ordinary course of business and the filing is presented as a passive Schedule 13G disclosure.

Is there any caveat about beneficial ownership in the filing?

The filing contains language denying that the filer is the beneficial owner for certain purposes, while still reporting the share amounts listed.