Healthpeak Properties, Inc. (DOC) vs Essex Property Trust, Inc. (ESS)
A side-by-side comparison of Healthpeak Properties, Inc. and Essex Property Trust, Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 8, 2026. Differences are shown without an overall score or investment verdict.
Total return — DOC vs ESS
growth of $100 · dividends reinvested · last 10yDOC vs ESS: by the numbers
- •ESS is the larger company ($17.95B vs $14.24B market cap).
- •ESS converts more revenue to profit (21.63% vs 8.60% net margin).
- •DOC grew revenue faster over the past five years (19.15% vs 6.01% CAGR).
- •DOC pays the higher dividend yield (5.91% vs 3.70%).
Metrics side by side
Valuation
| Metric | DOC | ESS |
|---|---|---|
| P/E ratio | 59.00 | 43.33 |
| Forward P/E | 46.07 | 49.30 |
| P/S ratio | 4.83 | 9.32 |
| P/B ratio | 1.82 | 3.37 |
| EV / EBITDA | 14.19 | 20.99 |
| FCF yield | 2.08% | 5.80% |
For REITs like Healthpeak Properties, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Essex Property Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | DOC | ESS |
|---|---|---|
| Gross margin | 22.48% | 69.38% |
| Operating margin | 17.61% | 43.88% |
| Net margin | 8.60% | 21.63% |
| ROE | 3.23% | 7.83% |
| ROIC | 2.36% | 4.34% |
Dividends
| Metric | DOC | ESS |
|---|---|---|
| Dividend yield | 5.91% | 3.70% |
| Payout ratio | 348.58% | 160.50% |
Healthpeak Properties, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Essex Property Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | DOC | ESS |
|---|---|---|
| Revenue CAGR (5Y) | 19.15% | 6.01% |
| EPS CAGR (5Y) | -33.52% | 3.68% |
| FCF CAGR (5Y) | 10.55% | 8.10% |
| Total return CAGR (5Y) | -3.79% | 0.37% |
Frequently asked
- Which has grown faster, DOC or ESS?
- Over the past five years, DOC grew revenue faster — DOC at a 19.15% CAGR versus ESS at 6.01%.
- Does DOC or ESS pay a bigger dividend?
- DOC yields 5.91% and ESS yields 3.70% based on trailing dividends and the latest price.
- Is DOC or ESS more profitable?
- ESS runs the higher net margin — DOC at 8.60% versus ESS at 21.63%.
- How have DOC and ESS total returns compared?
- Over the past 10 years, DOC delivered 1.37% and ESS delivered 5.55% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
Healthpeak Properties & Essex Property Trust appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 8, 2026.