• Essex Property Trust average gross margin for 2023 was 68.45%, a 1.27% decline from 2022.
• Essex Property Trust average gross margin for 2022 was 67.59%, a 1.18% increase from 2021.
• Essex Property Trust average gross margin for 2021 was 66.8%, a 3.86% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.