ESS

Essex Property Trust Inc

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261.510

+0.91(0.349%)1D

Overview
Forecast
Valuation
Earnings

Line

Candle

YTD

High

262.185

Open

259.500

VWAP

261.28

Vol

384.08K

Mkt Cap

17.55B

Low

259.500

Amount

100.35M

EV/EBITDA(TTM)

22.19

Total Shares

64.21M

25.14B

EV/OCF(TTM)

23.20

P/S(TTM)

10.06

Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust. The Company acquires, develops, redevelops, and manages apartment communities in selected residential areas located on the West Coast of the United States. The Company defines its operating segments as the three geographical regions in which its communities are located: Southern California, Northern California, and Seattle metro. It has ownership interests in approximately 257 apartment communities comprising over 62,000 apartment homes. The Company owns all of its interests in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. It invests primarily in apartment communities that are located in predominantly coastal markets within Southern California, Northern California, and the Seattle metropolitan area. It focuses on acquiring and developing apartment communities in supply constrained markets and redeveloping its existing communities.

Market Estimates

Earnings Estimates

Revenue

YoY Chg

EPS

YoYChg

FY2025Q4

FY2025Q3

FY2025Q2

475.64M

+5.22%

472.44M

+5.42%

466.47M

+6.07%

Estimates Revision

The market is revising No Change the revenue expectations for Essex Property Trust, Inc. (ESS) for FY2025, with the revenue forecasts being adjusted by 0% over the past three months. During the same period, the stock price has changed by -6.88%.

Revenue Estimates for FY2025

No Change

0.00%

In Past 3 Month

Stock Price

Go Down

-6.88%

In Past 3 Month

14 Analyst Rating

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 318.68 USD with a low forecast of 293.00 USD and a high forecast of 355.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

6 Buy

7 Hold

1 Sell

Moderate Buy

Current: 261.510

Low

293.00

Averages

318.68

High

355.00

Current: 261.510

Low

293.00

Averages

318.68

High

355.00

Morgan Stanley

analyst

Equal Weight

downgrade

$304 -> $285

2025-08-13

Reason

Morgan Stanley

analyst

Price Target

$304 -> $285

2025-08-13

downgrade

Equal Weight

Reason

Morgan Stanley lowered the firm's price target on Essex Property Trust to $285 from $304 and keeps an Equal Weight rating on the shares. Apartment REITs have underperformed most of the year and are now the fourth worst performing REIT subsector of 17 year-to-date after a significant selloff during Q2 earnings, notes the analyst. With expectations reset, stocks trading at rare discounts to other REITs, supply falling and sentiment skewed negatively, the firm pivots to more bullish among the group, the analyst tells investors while adjusting price targets among the apartment group.

Barclays

Equal Weight

downgrade

$335 -> $298

2025-08-12

Reason

Barclays

Price Target

$335 -> $298

2025-08-12

downgrade

Equal Weight

Reason

Barclays lowered the firm's price target on Essex Property Trust to $298 from $335 and keeps an Equal Weight rating on the shares. The firm updated real estate investment trust models post the Q2 reports.

Truist

Michael Lewis

Hold

downgrade

$295 -> $283

2025-08-12

Reason

Truist

Michael Lewis

Price Target

$295 -> $283

2025-08-12

downgrade

Hold

Reason

Truist analyst Michael Lewis lowered the firm's price target on Essex Property Trust to $283 from $295 and keeps a Hold rating on the shares. The firm is adjusting its model after the REIT's Q2 results, noting that while low new supply in the company's markets should provide some support if job growth continues to weaken, it also sees other stocks in the group with potentially higher near-term growth and more discounted valuations, the analyst tells investors in a research note.

Scotiabank

Outperform

NULL

downgrade

$320 -> $309

2025-08-05

Reason

Scotiabank

Price Target

$320 -> $309

2025-08-05

downgrade

Outperform

NULL

Reason

Scotiabank lowered the firm's price target on Essex Property Trust to $309 from $320 and keeps an Outperform rating on the shares. The firm notes the stock's valuation looks "increasingly attractive" following the Q2 selloff, the analyst tells investors. While H2 2025 may lack a positive catalyst, the firm believes there is a "compelling opportunity" for long-term investors.

Piper Sandler

Alexander Goldfarb

Overweight -> Neutral

downgrade

$355 -> $275

2025-08-04

Reason

Piper Sandler

Alexander Goldfarb

Price Target

$355 -> $275

2025-08-04

downgrade

Overweight -> Neutral

Reason

Piper Sandler analyst Alexander Goldfarb last night downgraded Essex Property Trust to Neutral from Overweight with a price target of $275, down from $355. The Q2 earnings reports in real estate thus far have shown weaker fundamentals for apartments, the analyst tells investors in a research note. The firm says Friday's job report provided insight into why new apartment rents have been slower this peak leasing season. It cites the outlook for apartments and its reduced estimates for the downgrade.

Piper Sandler

Alexander Goldfarb

Overweight -> Neutral

downgrade

$355 -> $275

2025-08-03

Reason

Piper Sandler

Alexander Goldfarb

Price Target

$355 -> $275

2025-08-03

downgrade

Overweight -> Neutral

Reason

Piper Sandler analyst Alexander Goldfarb downgraded Essex Property Trust to Neutral from Overweight with a price target of $275, down from $355.

See All Ratings

Valuation Metrics

The current forward P/E ratio for Essex Property Trust Inc (ESS.N) is 49.48, compared to its 5-year average forward P/E of 49.97. For a more detailed relative valuation and DCF analysis to assess Essex Property Trust Inc 's fair value, click here.

Forward PE

The forward P/E ratio is a valuation metric that divides a company's current stock price by its estimated future earnings per share over the next 12 months.

Fair

5Y Average PE

49.97

Current PE

49.48

Overvalued PE

63.79

Undervalued PE

36.14

Forward EV/EBITDA

The forward EV/EBITDA ratio is a valuation metric that divides a company's enterprise value (EV) by its estimated future earnings before interest, taxes, depreciation, and amortization (EBITDA) over the next 12 months.

Fair

5Y Average EV/EBITDA

21.13

Current EV/EBITDA

19.99

Overvalued EV/EBITDA

24.38

Undervalued EV/EBITDA

17.87

Forward PS

The forward P/S ratio is a valuation metric that divides a company's current stock price by its estimated future sales (or revenue) per share over the next 12 months.

Fair

5Y Average PS

10.63

Current PS

9.64

Overvalued PS

12.76

Undervalued PS

8.51