Shareholders of Essex Property Trust Inc (ESS) looking to boost their income beyond the stock's 3.1% annualized dividend yield can sell the January 2025 covered call at the $320 strike and collect the premium based on the $12.00 bid, which annualizes to an additional 11.3% rate of return against the current stock price (at Stock Options Channel we call this the YieldBoost), for a total of 14.5% annualized rate in the scenario where the stock is not called away. Any upside above $320 would be lost if the stock rises there and is called away, but ESS shares would have to climb 1.2% from current levels for that to occur, meaning that in the scenario where the stock is called, the shareholder has earned a 5% return from this trading level, in addition to any dividends collected before the stock was called.