Essex Property Trust (ESS) will raise its quarterly dividend by 0.6 percent to $2.09 per share in 2021. This follows a dividend hike of 6.5 percent to $2.0775 per share in the first quarter of 2020. This also marks the 27th consecutive year of annual dividend increases by the residential REIT.

The next dividend is payable on April 15, 2021 to shareholders of record as of March 31, 2021. On an annualized basis, the dividend represents a distribution of $8.36 per common share, yielding 3.2% at at a stock price of $236. The company now pays an estimated $545 million in dividends to shareholders annually.

Essex Property Trust, Inc. Is a real estate investment trust (REIT) engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast of the United States. The company's most important cities in terms of revenues and property income are Santa Clara, Seattle, San Francisco, Los Angeles, Orange County, San Diego, Ventura and East Bay. Essex Property Trust, Inc. became a public company in 1994.