Essex Property Trust Inc Stock Research

Market Summary

USD210.38+3.56

Market Closed

1.72%

ESS Alerts

Big jump in Earnings (Y/Y)

ESS Stock Price

ESS RSI Chart

ESS Valuation

Market Cap

13.5B

Price/Earnings (Trailing)

26.16

Price/Sales (Trailing)

8.25

Price/Free Cashflow

14.4

ESS Price/Sales (Trailing)

ESS Profitability

Return on Equity

7.57%

Return on Assets

3.5%

Free Cashflow Yield

6.94%

ESS Fundamentals

ESS Revenue

Revenue (TTM)

1.6B

Revenue Y/Y

7.99%

Revenue Q/Q

-0.67%

ESS Earnings

Earnings (TTM)

516.2M

Earnings Y/Y

106.18%

Earnings Q/Q

-16.8%

Price Action

52 Week Range

195.03297.63

(Low)(High)

Last 7 days

0.3%

Last 30 days

2.1%

Last 90 days

-8.3%

Trailing 12 Months

-24.4%

ESS Financial Health

Debt/Equity

1.05

Debt/Cashflow

0.16

ESS Investor Care

Dividend Yield

4.24%

Dividend/Share (TTM)

8.91

Buy Backs (1Y)

1.68%

Diluted EPS (TTM)

7.53

Peers (Alternatives to Essex Property Trust)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	50.3B	4.3B	-0.67%	-7.84%	11.56	11.69	18.80%	113.99%
DLR	28.8B	4.9B	1.25%	-24.57%	77.2	5.88	9.82%	-73.28%
EQR	22.6B	2.0B	-1.01%	-20.50%	24.61	11.43	-20.93%	-31.79%
ARE	19.1B	2.7B	-6.88%	-30.41%	25.48	7.14	18.91%	81.13%
KIM	13.2B	1.7B	-4.07%	-25.83%	104.43	7.61	15.49%	-81.09%
MID-CAP
FRT	7.1B	1.1B	-8.04%	-21.25%	18.25	6.51	10.19%	46.60%
KRG	4.3B	814.4M	-2.26%	-4.29%	465.69	5.23	63.41%	107.43%
VNO	2.6B	1.8B	-10.72%	-60.29%	-6.95	1.42	9.23%	-286.27%
MAC	2.0B	857.9M	-0.32%	-17.87%	-23.05	2.35	-1.75%	-315.36%
SMALL-CAP
SKT	2.1B	421.5M	12.31%	19.76%	23.93	5.05	1.34%	437.34%
SLG	1.4B	862.4M	-3.29%	-61.71%	-11.46	1.67	7.01%	-127.00%
AIV	1.2B	184.6M	6.32%	29.74%	12.67	6.33	2.55%	1950.56%
PGRE	923.1M	745.2M	2.66%	-52.44%	-24.26	1.24	2.17%	-183.81%

Financials for Essex Property Trust

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	1.9%	1,637	1,607	1,563	1,516	1,467
S&GA Expenses	5.4%	60.00	57.00	58.00	55.00	54.00
Costs and Expenses	1.1%	1,118	1,106	1,095	1,082	1,068
Interest Expenses	0.3%	205	205	203	201	202
Net Income	19.2%	516	433	383	409	417
Net Income Margin	10.0%	0.27*	0.24*	0.27*	0.28*	-
Free Cahsflow	-3.8%	976	1,014	987	1,025	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	-0.8%	12,280	12,373	12,624	12,558	12,770
Cash Equivalents	103.4%	68.00	33.00	43.00	38.00	98.00
Liabilities	0.0%	6,453	6,451	6,714	6,518	6,592
Long Term Debt	0.0%	5,985	5,986	5,987	-	-
Shareholder's Equity	-1.7%	5,619	5,716	5,703	6,007	6,138
Additional Paid-In Capital	-1.4%	6,657	6,750	6,776	6,876	6,930
Shares Outstanding	-0.7%	64.00	65.00	65.00	65.00	65.00
Minority Interest	-0.4%	178	179	178	179	181

* denotes actual numbers (not divided by Millions)
Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	-3.9%	937	976	1,014	987	1,025
Share Based Compensation	-4.5%	7.00	7.00	8.00	8.00	8.00
Cashflow From Investing	-34.6%	95.00	146	-371	-290	-438
Cashflow From Financing	6.4%	-1,064	-1,137	-649	-706	-591
Buy Backs	50.4%	285	190	158	61.00	0.00

Risks for ESS

What is the probability of a big loss on ESS?

45%

Probability that Essex Property Trust stock will be more than 20% underwater in next one year

33.1%

Probability that Essex Property Trust stock will be more than 30% underwater in next one year.

20%

Probability that Essex Property Trust stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does ESS drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Essex Property Trust was unfortunately bought at previous high price.

Drawdowns

Returns for ESS

Cumulative Returns on ESS

5.5%

10-Year Cumulative Returns

1.7%

7-Year Cumulative Returns

0.6%

5-Year Cumulative Returns

-2.7%

3-Year Cumulative Returns

What are the long-term rolling returns for ESS?

FIve years rolling returns for Essex Property Trust.

Annualized Returns

Which funds bought or sold ESS recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-05-23	Toroso Investments, LLC	reduced	-57.01	-1,445,000	1,064,000	0.02%
2023-05-23	Front Row Advisors LLC	added	46.38	6,000	21,000	0.01%
2023-05-22	AMERIPRISE FINANCIAL INC	added	25.72	27,778,000	141,548,000	0.05%
2023-05-18	NEW YORK STATE COMMON RETIREMENT FUND	reduced	-3.08	-748,000	16,430,000	0.02%
2023-05-18	JPMORGAN CHASE & CO	added	4.31	4,323,140	151,059,000	0.02%
2023-05-18	SkyView Investment Advisors, LLC	new	-	-	-	-%
2023-05-17	Chevy Chase Trust Holdings, LLC	added	0.8	-41,005	7,851,740	0.03%
2023-05-17	KB FINANCIAL PARTNERS, LLC	unchanged	-	-	1,000	-%
2023-05-17	Advisory Services Network, LLC	new	-	32,417	32,417	-%
2023-05-17	VIRGINIA RETIREMENT SYSTEMS ET AL	reduced	-24.57	-4,760,910	9,237,800	0.10%

Latest Funds Activity

Are funds buying ESS calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own ESS

No. of Funds

ESS Alerts

Big jump in Earnings (Y/Y)

Essex Property Trust News

Schedule 13G FIlings of Essex Property Trust

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 14, 2023	cohen & steers, inc.	1.75%	1,134,467	SC 13G/A
Feb 09, 2023	vanguard group inc	16.54%	10,708,186	SC 13G/A
Feb 01, 2023	state street corp	9.05%	5,861,505	SC 13G/A
Jan 26, 2023	blackrock inc.	10.9%	7,074,866	SC 13G/A
Jan 20, 2023	blackrock inc.	10.9%	7,074,866	SC 13G/A
Feb 14, 2022	cohen & steers, inc.	8.49%	5,527,850	SC 13G/A
Feb 11, 2022	state street corp	7.56%	4,922,335	SC 13G/A
Feb 10, 2022	vanguard group inc	16.03%	10,430,735	SC 13G/A
Jan 27, 2022	blackrock inc.	10.3%	6,686,520	SC 13G/A
Jan 26, 2022	blackrock inc.	10.3%	6,686,520	SC 13G/A

ESS Fair Value

Essex Property Trust fair value in different scenarios

The table shows the Fair Value estimates for Essex Property Trust for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	87.33 -58.49%	114.70 -45.48%	155.81 -25.94%	190.38 -9.51%	220.38 4.75%
Current Inflation	82.45 -60.81%	106.23 -49.51%	140.67 -33.14%	169.56 -19.40%	194.57 -7.51%
Very High Inflation	76.33 -63.72%	95.88 -54.43%	122.77 -41.64%	145.33 -30.92%	164.80 -21.67%

Historical Essex Property Trust Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Essex Property Trust

View All Filings

Date Filed	Form Type	Document
May 17, 2023	4/A	Insider Trading
May 11, 2023	4	Insider Trading
May 11, 2023	4	Insider Trading
May 11, 2023	4	Insider Trading
May 11, 2023	4	Insider Trading
May 11, 2023	4	Insider Trading
May 11, 2023	4	Insider Trading
May 11, 2023	4	Insider Trading
May 11, 2023	4	Insider Trading
May 11, 2023	8-K	Current Report

Latest Insider Trading transactions for ESS

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-05-09	HAWTHORNE MARIA R	acquired	-	-	717	-
2023-05-09	SCORDELIS BYRON A	acquired	-	-	717	-
2022-12-09	Pak Barbara	acquired	-	-	1,164	executive vice president & cfo
2022-12-09	Farias John	acquired	-	-	536	senior vice president and cao
2022-12-02	Johnson Amal M	bought	109,220	218	500	-
2022-11-30	ROBINSON THOMAS E	gifted	-	-	-891	-
2022-05-10	MARCUS GEORGE M	acquired	-	-	960	-
2022-03-29	Kleiman Angela L.	acquired	1,569,050	248	6,309	sr. evp & coo
2022-03-29	Kleiman Angela L.	sold	-2,234,710	354	-6,309	sr. evp & coo

About Essex Property Trust

Michael J. Schall

www.essex.com

1760

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 246 apartment communities comprising approximately 60,000 apartment homes with an additional 6 properties in various stages of active development.

ESS Income Statement

2023-03-31

EPT - Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Rental and other property	$ 409,656	$ 379,216
Management and other fees from affiliates	2,765	2,689
Revenues	412,421	381,905
Expenses:
Property operating, excluding real estate taxes	73,882	68,858
Real estate taxes	46,530	47,242
Corporate-level property management expenses	11,432	10,172
Depreciation and amortization	136,347	133,533
General and administrative	15,311	12,242
Expensed acquisition and investment related costs	339	8
Casualty loss	433	0
Total expenses	284,274	272,055
Gain on sale of real estate and land	59,238	0
Earnings from operations	187,385	109,850
Interest expense	(51,045)	(50,377)
Total return swap income	1,033	2,544
Interest and other income (loss)	12,450	(7,567)
Equity income from co-investments	10,871	21,171
Deferred tax benefit on unconsolidated co-investments	900	2,754
Net income	161,594	78,375
Net income attributable to noncontrolling interest	(8,062)	(5,121)
Net income available to common stockholders	153,532	73,254
Comprehensive income	151,300	98,856
Comprehensive income attributable to noncontrolling interest	(7,712)	(5,813)
Comprehensive income attributable to controlling interest	$ 143,588	$ 93,043
Basic:
Net income available to common stockholders (in dollars per share)	$ 2.38	$ 1.12
Weighted average number of shares outstanding during the period (in shares)	64,458,535	65,275,775
Diluted:
Net income available to common stockholders (in dollars per share)	$ 2.38	$ 1.12
Weighted average number of shares outstanding during the period (in shares)	64,459,689	65,339,378

ESS Balance Sheet

2023-03-31

EPT - Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Rental properties:
Land and land improvements	$ 3,031,415	$ 3,043,321
Buildings and improvements	12,910,492	12,922,906
Total rental properties	15,941,907	15,966,227
Less: accumulated depreciation	(5,254,874)	(5,152,133)
Net real estate	10,687,033	10,814,094
Real estate under development	21,909	24,857
Co-investments	1,131,183	1,127,491
Total real estate	11,840,125	11,966,442
Cash and cash equivalents-unrestricted	67,712	33,295
Cash and cash equivalents-restricted	9,446	9,386
Marketable securities, net of allowance for credit losses of zero as of both March 31, 2023 and December 31, 2022	107,002	112,743
Notes and other receivables, net of allowance for credit losses of $0.4 million and $0.3 million as of March 31, 2023 and December 31, 2022, respectively (includes related party receivables of $6.9 million and $7.0 million as of March 31, 2023 and December 31, 2022, respectively)	120,586	103,045
Operating lease right-of-use assets	66,373	67,239
Prepaid expenses and other assets	68,530	80,755
Total assets	12,279,774	12,372,905
LIABILITIES AND EQUITY
Unsecured debt, net	5,313,701	5,312,168
Mortgage notes payable, net	593,147	593,943
Lines of credit	457	52,073
Accounts payable and accrued liabilities	208,072	165,461
Construction payable	19,810	23,159
Dividends payable	155,720	149,166
Distributions in excess of investments in co-investments	50,309	42,532
Operating lease liabilities	67,772	68,696
Other liabilities	43,721	43,441
Total liabilities	6,452,709	6,450,639
Commitments and contingencies
Redeemable noncontrolling interest	30,208	27,150
Equity:
Common stock; $0.0001 par value, 670,000,000 shares authorized; 64,181,614 and 64,604,603 shares issued and outstanding, respectively	6	6
Additional paid-in capital	6,657,183	6,750,076
Distributions in excess of accumulated earnings	(1,074,930)	(1,080,176)
Accumulated other comprehensive income, net	36,522	46,466
Total stockholders' equity	5,618,781	5,716,372
Noncontrolling interest	178,076	178,744
Total equity	5,796,857	5,895,116
Total liabilities and equity	$ 12,279,774	$ 12,372,905