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Essex Property Trust Inc
NYSE:ESS

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Essex Property Trust Inc Logo
Essex Property Trust Inc
NYSE:ESS
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Price: 245.38 USD 1.64%
Updated: Mar 28, 2024

Intrinsic Value

Essex Property Trust, Inc. operates as a real estate investment trust. [ Read More ]

The intrinsic value of one ESS stock under the Base Case scenario is 218.06 USD. Compared to the current market price of 245.38 USD, Essex Property Trust Inc is Overvalued by 11%.

Key Points:
ESS Intrinsic Value
Base Case
218.06 USD
Overvaluation 11%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
Essex Property Trust Inc

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Fundamental Analysis

Essex Property Trust's 2023 Financial Performance and 2024 Outlook
2023-Q4 Earnings Call

Essex Property Trust's 2023 Financial Performance and 2024 Outlook

In 2023, Essex Property Trust achieved a solid 4.4% same-property revenue growth and reduced delinquency from 2% to 1.4%. Core FFO per share increased by 3.6%, exceeding original guidance. Q4 saw market rents moderate and a strategy focused on recovering delinquent units, with a notable 4.9% renewal rate increase. For 2024, Essex forecasts West Coast job growth to align with the national average, projecting a modest 1.25% market rent growth. Same-property NOI is expected to grow by 60 basis points, while core FFO per share growth is projected to be flat compared to 2023.

Financials

Balance Sheet Decomposition
Essex Property Trust Inc

Current Assets 519.4m
Cash & Short-Term Investments 400.3m
Receivables 24.8m
Other Current Assets 94.3m
Non-Current Assets 11.8B
Long-Term Investments 1.1B
PP&E 10.5B
Other Non-Current Assets 158.4m
Current Liabilities 417.8m
Accounts Payable 175.4m
Accrued Liabilities 65.1m
Other Current Liabilities 177.4m
Non-Current Liabilities 6.5B
Long-Term Debt 6.2B
Other Non-Current Liabilities 315.1m
Efficiency

Earnings Waterfall
Essex Property Trust Inc

Revenue
1.7B USD
Cost of Revenue
-485.5m USD
Gross Profit
1.2B USD
Operating Expenses
-657.8m USD
Operating Income
526.1m USD
Other Expenses
-120.3m USD
Net Income
405.8m USD

Free Cash Flow Analysis
Essex Property Trust Inc

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
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Fundamental Scores

ESS Profitability Score
Profitability Due Diligence

Essex Property Trust Inc's profitability score is 60/100. The higher the profitability score, the more profitable the company is.

60/100
Profitability
Score

Essex Property Trust Inc's profitability score is 60/100. The higher the profitability score, the more profitable the company is.

ESS Solvency Score
Solvency Due Diligence

Essex Property Trust Inc's solvency score is 32/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Short-Term Solvency
Average D/E
Low Altman Z-Score
32/100
Solvency
Score

Essex Property Trust Inc's solvency score is 32/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

ESS Price Targets Summary
Essex Property Trust Inc

Wall Street analysts forecast ESS stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for ESS is 246.61 USD with a low forecast of 204.02 USD and a high forecast of 305.55 USD.

Lowest
Price Target
204.02 USD
17% Downside
Average
Price Target
246.61 USD
1% Upside
Highest
Price Target
305.55 USD
25% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Ownership

ESS Insider Trading
Buy and sell transactions by insiders

Cumulative Transactions Amount
Period Sold Bought Net
3 Months
6 Months
9 Months
12 Months
Why is insider trading important?

Shareholder Return

ESS Price
Essex Property Trust Inc

1M 1M
+7%
6M 6M
+16%
1Y 1Y
+24%
3Y 3Y
-5%
5Y 5Y
-4%
10Y 10Y
+92%
Annual Price Range
245.38
52w Low
198
52w High
250.44
Price Metrics
Average Annual Return 1.31%
Standard Deviation of Annual Returns 42.48%
Max Drawdown -45%
Shares Statistics
Market Capitalization 15.8B USD
Shares Outstanding 64 203 500
Percentage of Shares Shorted 3.94%

ESS Return Decomposition
Main factors of price return

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ESS News

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Company Profile

Essex Property Trust Inc Logo
Essex Property Trust Inc

Country

United States of America

Industry

Real Estate

Market Cap

15.8B USD

Dividend Yield

3.99%

Description

Essex Property Trust, Inc. operates as a real estate investment trust. The company is headquartered in San Mateo, California and currently employs 1,757 full-time employees. The firm is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets. The firm owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. The firm owns ownership interests in approximately 246 operating apartment communities, aggregating 60,799 apartment homes. Its operating apartment communities are located in Southern California, primarily Los Angeles, Orange, San Diego, and Ventura counties; Northern California, the San Francisco Bay Area; and the Seattle metropolitan areas.

Contact

CALIFORNIA
San Mateo
1100 Park Pl Ste 200
+16506557800.0
https://www.essexapartmenthomes.com/

IPO

1994-06-07

Employees

1 757

Officers

President, CEO & Director
Ms. Angela L. Kleiman
Executive VP & CFO
Ms. Barbara M. Pak CFA
Executive VP, Chief Administrative Officer, General Counsel & Secretary
Ms. Anne M. Morrison
Executive VP & Chief Investment Officer
Mr. Rylan K. Burns
Senior VP & Chief Accounting Officer
Mr. John Farias
Senior Vice President of Human Resources
Sudarshana Rangachary
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Senior Vice President of Acquisitions & Investments
Dmitry Taraschansky
Senior Vice President of Operations
Jessica Anderson
Senior Vice President of Portfolio Strategy & Analytics
Mr. Paul Burton Morgan
Show Less

See Also

Discover More
What is the Intrinsic Value of one ESS stock?

The intrinsic value of one ESS stock under the Base Case scenario is 218.06 USD.

Is ESS stock undervalued or overvalued?

Compared to the current market price of 245.38 USD, Essex Property Trust Inc is Overvalued by 11%.