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Essex Property Trust, Inc. — Intrinsic Value & Fair Price

ESS
NYSEReal EstateREIT - ResidentialCIK 0000920522essexapartmenthomes.comAbout ESS
Last close · Oct 16, 2026269.43−0.23 (−0.09%)
Market cap$17.3B
Model value · P/Cash FFO · own history
261.40
Essex Property Trust closed at $269.43 — overvalued by 3% vs model.
243.30the model's range290.90

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models
44.54 – 30,315.10
Wall St. target
296.00 9% below
Above model, 1y
17 of 20 days

Price and model value

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What the marks mean
Daily close

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
3.84%
Past 2 years
low 3.02%high 4.29%
Dividends per share, a year at a time
$8.35Sep ’21$8.69Sep ’22$9.13Sep ’23$9.66Sep ’24$10.16Sep ’25$10.34TTM
Coverage
—
Raised
31+ years in a row
Growth, 5 yrs
4.4% a year
Last change
+0.8% · Mar 2026
Every payment, with ex-dates · latest $2.59, paid Oct 15, 2026

Research on ESS

No posts on ESS yet.
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How it is valued

Valued asREIT
Revenue declining (~-8% recent)High profitability (7491% net margin)Highly cyclical earnings
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs
Price / Cash FFO
—
Dividend yield, TTM
3.84%
Dividends / Cash FFO
—
Debt / assets
52.5%
Price / book
3.0×
Revenue growth
-8.6%
Full financials

Analyst actions

third-party, quoted
10-14Barclays · target285.00
10-12Piper Sandler · target326.00
09-21Evercore ISI · target299.00
09-08Mizuho · “Neutral” from “Outperform”downgrade
Ratings, targets and estimates

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just ESS. No account.

About Essex Property Trust

Essex Property Trust, Inc., a prominent S&P 500 constituent, operates as a vertically integrated real estate investment trust (REIT). The company focuses on the purchase, construction, renovation, and ongoing management of residential apartment complexes across select West Coast regions. Currently, Essex maintains ownership interests in 246 apartment communities, offering a total of roughly 60,000 homes, with an additional six properties actively advancing through various stages of development.

CEO
Angela L. Kleiman
Headquarters
San Mateo, CA
Employees
1,688
IPO
1994-06-07
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.