Essex Property Trust (ESS) Stock Overview
An S&P 500 company, is a fully integrated real estate investment trust. More details
| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 1/6 |
| Past Performance | 2/6 |
| Financial Health | 0/6 |
| Dividends | 5/6 |
ESS Community Fair Values
Create NarrativeSee what 16 others think this stock is worth. Follow their fair value or set your own to get alerts.
Analyst Price Targets
Essex Property Trust, Inc. Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$288.10 |
| 52 Week High | US$303.35 |
| 52 Week Low | US$238.46 |
| Beta | 0.71 |
| 1 Month Change | -1.86% |
| 3 Month Change | 7.24% |
| 1 Year Change | 14.29% |
| 3 Year Change | 20.07% |
| 5 Year Change | -8.91% |
| Change since IPO | 1,386.97% |
Recent News & Updates
Narrative Update • Jul 29
ESS: Bay Area AI Demand And Coastal Supply Constraints Will Shape 2026 Trade-Off
Analysts have nudged the fair value estimate for Essex Property Trust higher to $299.27 from $292.69. The revision reflects updated price targets that reference factors such as coastal multifamily positioning, Bay Area demand and AI related job growth, and an adjusted sector multiple for U.S. apartment REITs. Analyst Commentary Recent Street research on Essex Property Trust shows a mix of optimism around its coastal multifamily exposure and caution on broader apartment REIT valuations.Narrative Update • Jul 14
ESS: Dividend Resilience And Bay Area AI Tailwinds Will Shape 2026 Trade-Off
For Essex Property Trust, the analyst fair value estimate has been revised modestly higher to about $292.69 from $286.50, reflecting broadly higher Street price targets and analyst expectations that supportive sector multiples and Bay Area exposure could justify a slightly richer assumed future P/E and margin profile. Analyst Commentary Recent Street research on Essex Property Trust shows a cluster of higher price targets and rating changes, giving you a clearer sense of how professionals are thinking about the stock's risk and reward trade off.Recent updates
Narrative Update • Jul 29
ESS: Bay Area AI Demand And Coastal Supply Constraints Will Shape 2026 Trade-Off
Analysts have nudged the fair value estimate for Essex Property Trust higher to $299.27 from $292.69. The revision reflects updated price targets that reference factors such as coastal multifamily positioning, Bay Area demand and AI related job growth, and an adjusted sector multiple for U.S. apartment REITs. Analyst Commentary Recent Street research on Essex Property Trust shows a mix of optimism around its coastal multifamily exposure and caution on broader apartment REIT valuations.Narrative Update • Jul 14
ESS: Dividend Resilience And Bay Area AI Tailwinds Will Shape 2026 Trade-Off
For Essex Property Trust, the analyst fair value estimate has been revised modestly higher to about $292.69 from $286.50, reflecting broadly higher Street price targets and analyst expectations that supportive sector multiples and Bay Area exposure could justify a slightly richer assumed future P/E and margin profile. Analyst Commentary Recent Street research on Essex Property Trust shows a cluster of higher price targets and rating changes, giving you a clearer sense of how professionals are thinking about the stock's risk and reward trade off.Analysis Article • Jun 21
Essex Property Trust (ESS) Stock Could Be 4.5% Undervalued On West Coast Supply Relief
Essex Property Trust (ESS) continues to draw attention after recent trading left the stock at a last close of $273.71. This has prompted investors to reassess its income profile, regional exposure and current valuation signals. See our latest analysis for Essex Property Trust. Over the past year, Essex Property Trust’s share price performance has been mixed, with short term weakness such as a 7 day share price return down 3.54%, set against longer term tailwinds including a 3 year total...Seeking Alpha • Jun 17
Essex Property Trust: AI Is Boosting Bay Area Rents, But Valuation Still Matters
Summary Essex Property Trust is optimally positioned to benefit from the AI-driven demand surge and severe housing supply constraints in Northern California. Q1 2026 results showed leading same-property NOI growth in Northern California, with Santa Clara, San Mateo, and San Francisco outperforming the portfolio average. ESS maintains a healthy, investment-grade balance sheet and has actively acquired high-quality Northern California assets, reinforcing its exposure to structural and cyclical tailwinds. The key question is whether the improved operating story leaves enough upside at the current share price, or whether investors should wait for a better entry point. Read the full article on Seeking AlphaNarrative Update • Jun 15
ESS: Dividend Strength And Bay Area Rebound Will Shape Balanced 2026 Outlook
Analysts have raised the fair value estimate for Essex Property Trust to $286.50 from $282.67, reflecting a slightly lower discount rate, modestly higher revenue growth assumptions, and updated price targets across the Street following recent conference and sector research. Analyst Commentary Recent Street research on Essex Property Trust has centered on a cluster of price target increases, along with one ratings upgrade, as analysts reassess the company following updated operating data and sector conferences.Narrative Update • Jun 01
ESS: Spring Leasing, Dividend And Bay Area Rebound Will Shape Balanced 2026 Outlook
Narrative Update The updated analyst price target for Essex Property Trust moves slightly higher to about $283. This reflects modest adjustments to revenue growth and valuation assumptions as analysts refresh models that incorporate recent acquisition and disposition expectations and the stock's Northern California multifamily focus.Narrative Update • May 13
ESS: Spring Leasing, 2026 Dividend And Bay Area Rebound Will Guide Outlook
Analysts have nudged the Essex Property Trust price target higher, with the updated fair value estimate moving from $278.13 to $280.80, as they factor in a slightly higher discount rate, a lower revenue growth outlook, a modestly stronger profit margin, and a somewhat lower assumed future P/E, supported by a series of recent target increases and an upgrade tied to expectations for a Bay Area rebound. Analyst Commentary Recent Street research around Essex Property Trust has centered on a cluster of target changes and a rating upgrade tied to expectations for a Bay Area rebound, providing a mix of constructive and cautious takeaways for valuation, growth and execution risk.Narrative Update • Apr 26
ESS: Spring Leasing And 2026 Dividend Will Shape Coastal Occupancy Outlook
The analyst fair value estimate for Essex Property Trust has been adjusted slightly lower to $278.13 from $279, reflecting recent Street price target changes in the $271 to $281 range as analysts factor in updated sector estimates, occupancy trends, and post-Q4 modeling. Analyst Commentary Recent Street research on Essex Property Trust clusters around a tight price target band in the low to high US$270s, with one target at US$271, another at US$278, and a higher point at US$281.Narrative Update • Apr 10
ESS: Coastal Apartments And 2026 Dividend Growth Will Support Occupancy Recovery
Narrative Update The analyst price target for Essex Property Trust has shifted slightly lower to $279.00. This reflects recent Street research in which several analysts reduced targets within the residential and U.S. multifamily REIT sector as they update models for softer occupancy trends and await clearer signs of market growth.Narrative Update • Mar 27
ESS: Coastal Apartments And 2026 Dividend Path Will Support Occupancy Recovery
Narrative Update Overview The updated analyst price target for Essex Property Trust edges down by about $0.40 to $279.22, as analysts trim fair value estimates and slightly adjust growth and margin assumptions in response to sector wide target resets, occupancy concerns, and refreshed post earnings models. Analyst Commentary Recent research on Essex Property Trust shows a mix of optimism and caution, with price targets clustered in a relatively tight band around the updated average and ratings spread between Neutral or equivalent and more constructive views.Narrative Update • Mar 11
ESS: Coastal Apartments And 2026 Dividend Path Will Test Occupancy Resilience
Narrative Update The updated analyst price target for Essex Property Trust edges slightly lower to about $280 from roughly $281, as analysts reflect sector wide target reductions, softer occupancy commentary in multifamily markets, and modest adjustments to growth and margin assumptions in their models. Analyst Commentary Recent research on Essex Property Trust reflects a mixed tone, with some analysts trimming targets on sector and occupancy concerns while others fine tune models after company specific updates.Narrative Update • Feb 25
ESS: Coastal Apartments And 2026 Dividend Outlook Balance Turnaround Hopes With Execution Risks
Analysts have trimmed their fair value estimate for Essex Property Trust by about $0.25 to roughly $281.38 per share. This reflects mixed Street price target moves and expectations for slightly softer margins, offset by modestly firmer revenue growth and a marginally lower future P/E assumption.Narrative Update • Feb 11
ESS: Coastal Apartments And 2026 Outlook Balance Turnaround Hopes With Execution Risks
Analysts have trimmed their average price expectations for Essex Property Trust by about $0.70. This reflects slightly softer revenue growth assumptions, a marginally higher discount rate, and modestly higher profit margin and P/E inputs after recent mixed target changes and rating updates across the Street.Narrative Update • Jan 27
ESS: Coastal Apartments And 2026 REIT Turnaround Will Support Long-Term Cash Flows
Narrative Update The blended analyst price target for Essex Property Trust edges slightly lower to about US$282, reflecting mixed recent revisions that include a Barclays increase to US$292, a UBS lift to US$274, and a BMO cut to US$280, as analysts balance expectations for coastal apartment demand against pockets of funds from operations pressure. Analyst Commentary Recent research on Essex Property Trust highlights a split view, with some analysts focusing on the potential for coastal apartments within a broader real estate recovery and others flagging execution headwinds tied to specific markets and capital decisions.Narrative Update • Jan 11
ESS: Coastal Apartment Turnaround And REIT Upswing Will Support Long-Term Cash Flows
Narrative Update The analyst price target for Essex Property Trust has edged slightly lower to about $280. This reflects modest adjustments to fair value inputs and ongoing analyst concerns about moderated funds from operations growth and regional headwinds in Los Angeles.Narrative Update • Dec 25
ESS: West Coast Cash Flows Will Offset Margin Pressure Amid Neutral Outlook
Analysts have trimmed their fair value estimate for Essex Property Trust by approximately $2 to about $283 per share. This reflects slightly higher discount rate assumptions and more cautious expectations around margins, despite modestly stronger projected revenue growth, and is in line with recent price target reductions and rating downgrades on the stock.Narrative Update • Dec 11
ESS: West Coast Multifamily Resilience Will Support Upbeat Outlook Despite Neutral Ratings
Analysts have trimmed their price target for Essex Property Trust slightly, with the fair value estimate edging down about $2 to roughly $285. This reflects a modest reset in expectations following recent sector-wide target updates and a more neutral stance on the shares.Narrative Update • Nov 27
ESS: Updated Guidance And Sector Shifts Will Influence Measured Outlook Ahead
Essex Property Trust's analyst price target has been lowered slightly by $1 to $297. Analysts cited updated sector earnings previews and a more neutral industry outlook as key factors in the modest revision.Narrative Update • Nov 13
ESS: Net Income Guidance Increases Will Support Ongoing Rental Strength
Essex Property Trust's analyst price target has been modestly reduced by $4.00 to $287.71. Analysts cite recent sector updates and a more cautious outlook following third-quarter earnings previews.Narrative Update • Oct 29
Falling West Coast Supply Will Drive Demand Despite Mixed Sector Sentiment
Analysts have slightly reduced their price target for Essex Property Trust by $0.56 to $291.70. They cited more cautious revenue growth projections and recent downward adjustments in sector estimates, following mixed performance among apartment REITs. Analyst Commentary Recent Street research highlights both optimism and caution regarding Essex Property Trust's outlook, as analysts reassess valuation targets and ratings in light of current market dynamics and the company's recent performance.Narrative Update • Oct 15
Limited West Coast Supply Will Boost Occupancy Yet Invite Headwinds
The consensus analyst price target for Essex Property Trust has edged down by about $3 to $292, as analysts cite tempered expectations following recent earnings results and a reassessment of growth prospects within the apartment REIT sector. Analyst Commentary Recent analyst actions reflect a nuanced view of Essex Property Trust's outlook, as updated price targets and ratings reveal both optimism and caution within the apartment REIT sector.Narrative Update • Sep 05
Limited West Coast Supply Will Boost Occupancy Yet Invite Headwinds
Analysts have modestly reset expectations for Essex Property Trust following sector underperformance and Q2 results, highlighting its relative valuation appeal and West Coast rent growth amid supply declines but noting more attractive opportunities among peers, leaving the consensus price target unchanged at $295.44. Analyst Commentary Apartment REIT sector underperformance and Q2 selloff have created rare relative valuation discounts and negative sentiment, but expectations are now reset and supply is falling.Seeking Alpha • Apr 22
Essex Property: Undervalued High Quality In Plain Sight
Summary Essex Property Trust is a reliable long-term stock with strong fundamentals in high-barrier West Coast markets, benefiting from limited new housing supply and high rental demand. ESS has demonstrated solid performance, driven by strong property-level metrics, as growth appears to be normalizing back to pre-2020 levels. ESS offers a well-covered 3.8% dividend yield and is attractively valued at a P/FFO of 17.0, which is well below its historical average. Read the full article on Seeking AlphaSeeking Alpha • Feb 06
Essex Property: Shares Have Further Upside Given Limited Housing Supply (Upgrade)
Summary Essex Property Trust, Inc. has seen a 29% increase in shares over the past year due to limited supply and higher rental inflation in California markets. Solid Q4 results, including a 2.3% increase in funds from operations and low turnover rates, support a bullish outlook for Essex into 2025. Rising costs, particularly insurance and personnel, are offset by strong demand fundamentals and limited housing supply, especially post-wildfires. With a solid balance sheet and favorable geographic position, I am upgrading ESS shares to a “buy” with a potential 12% return, including dividends. Read the full article on Seeking AlphaSeeking Alpha • Dec 06
Essex Property Trust: Limited Supply Enables Further Growth
Summary Essex Property Trust has gained 35% over the past year, benefiting from limited new apartment supply in California and a defensive geographic positioning. Essex's markets face significantly less new supply than the Sun Belt, with just 0.5% annual supply growth expected from 2023-2025. Despite rising costs, Essex maintains a solid balance sheet and expects 4-5% growth in FFO, with a fair value target of $320-325. Essex's 3.25% dividend yield is secure with nearly 1.6x coverage, supporting 5-7% dividend growth over the next three years. Read the full article on Seeking AlphaSeeking Alpha • Oct 03
Essex Property Trust: Tailwinds From Both Supply And Demand
Summary Essex Property Trust has shown impressive stock price appreciation, gaining approximately 40% in one year and outperforming all its residential peers in the S&P 500. The REIT is set to benefit from favorable supply demand dynamics in West Coast markets due to high own-to-rent cost differentials and low new housing supply. ESS boasts a strong dividend growth history, and the share price is currently fairly valued, so despite the stock price jump, the stock still remains attractive. Read the full article on Seeking AlphaSeeking Alpha • Aug 13
Essex Property Trust: High-Quality REIT With A Growing Dividend
Summary Essex Property Trust focuses on three different supply-constrained markets across the US West Coast. Both enduring demand and limited supply are working in its favor. It has increased its dividend for 30 consecutive years. That easily qualifies the company for its vaunted status as a Dividend Aristocrat - one of only three REITs that can claim such a thing. On the other hand, the stock’s 3.5% yield is on the low side for a REIT. But this yield easily beats the market and is 30 basis points higher than its own five-year average. Read the full article on Seeking AlphaShareholder Returns
| ESS | US Residential REITs | US Market | |
|---|---|---|---|
| 7D | 0.8% | -0.1% | 2.7% |
| 1Y | 14.3% | 2.2% | 20.9% |
Return vs Industry: ESS exceeded the US Residential REITs industry which returned 2.2% over the past year.
Return vs Market: ESS underperformed the US Market which returned 20.9% over the past year.
Price Volatility
| ESS volatility | |
|---|---|
| ESS Average Weekly Movement | 2.9% |
| Residential REITs Industry Average Movement | 3.0% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.2% |
| 10% least volatile stocks in US Market | 3.1% |
Stable Share Price: ESS has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: ESS's weekly volatility (3%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1971 | 1,688 | Angela Kleiman | www.essexapartmenthomes.com |
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust. The firm acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 258 apartment communities comprising over 62,000 apartment homes with an additional property in active development.
Essex Property Trust, Inc. Fundamentals Summary
| ESS fundamental statistics | |
|---|---|
| Market cap | US$19.14b |
| Earnings (TTM) | US$413.84m |
| Revenue (TTM) | US$1.98b |
44.7x
P/E Ratio9.3x
P/S RatioIs ESS overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| ESS income statement (TTM) | |
|---|---|
| Revenue | US$1.98b |
| Cost of Revenue | US$618.57m |
| Gross Profit | US$1.36b |
| Other Expenses | US$948.37m |
| Earnings | US$413.84m |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 6.44 |
| Gross Margin | 68.77% |
| Net Profit Margin | 20.89% |
| Debt/Equity Ratio | 121.5% |
How did ESS perform over the long term?
See historical performance and comparisonDividends
3.6%
Current Dividend Yield64%
Payout RatioCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/08/10 20:59 |
| End of Day Share Price | 2026/08/07 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the world class team who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Essex Property Trust, Inc. is covered by 41 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Wesley Golladay | Baird |
| Richard Hightower | Barclays |
| Ross Smotrich | Barclays |