• Essex Property Trust average operating margin for 2023 was 39.55%, a 22.9% decline from 2022.
• Essex Property Trust average operating margin for 2022 was 32.18%, a 13.98% increase from 2021.
• Essex Property Trust average operating margin for 2021 was 37.41%, a 13.54% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.