# Essex Property Trust, Inc. (ESS)

> Source: Nexqual · https://nexqual.com/ESS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Essex Property Trust, Inc. (ESS), nexqual.com/ESS" · informational, not investment advice.

**Price:** USD 282.45 (+3.04% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 274.11 · day 274.23–282.86 · 52w 238.46–303.35 · market cap $19.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.93B, net income $438M (22.7% margin) (SEC filings).
- Valuation: P/E 44.5x (avg 27.9x at the last 3 fiscal year-ends), EV/EBITDA 20.8x, net debt $6.33B.
- 1 of 80 tracked superinvestors hold ESS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $168K; 1 not under a Rule 10b5-1 plan ($168K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (26 analysts), mean target USD 297.11 (range 239–330).
- Total return with dividends: 1Y +11.3% vs S&P 500 +14.9%; 5Y +1.2% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 1.47, revenue estimate $491M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.44B | $1.61B | $1.67B | $1.77B | $1.89B | $1.93B |
| Gross profit | — | $1.13B | $1.17B | $1.24B | $1.32B | — |
| Operating income | $530M | $595M | $584M | $703M | $899M | $627M |
| Net income | $516M | $433M | $431M | $811M | $703M | $438M |
| EPS (diluted) | $7.51 | $6.27 | $6.32 | $11.54 | $10.40 | — |
| Gross margin | — | 70.2% | 70.1% | 70.0% | 69.9% | — |
| Operating margin | 36.8% | 37.0% | 35.0% | 39.6% | 47.6% | 32.5% |
| Net margin | 35.8% | 26.9% | 25.8% | 45.7% | 37.2% | 22.7% |
| Revenue growth | -3.7% | +11.5% | +3.9% | +6.3% | +6.4% | — |
| Cash + short-term investments | $58.6M | $42.7M | $400M | $66.8M | $76.2M | — |
| Total debt | $639M | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 44.5x · P/S 10.1x · EV/EBITDA 20.8x · EV/Sales 13.4x · P/B 3.7x · Earnings yield 2.25% · Net debt $6.33B · EV $25.8B
P/E at fiscal year-ends: Dec 2025 24.0x, Dec 2024 22.6x, Dec 2023 37.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ESS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.04% | $8.3M | Added +70.0% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-27 | Kasaris Mary | Director | 600 | $168K | 17.4% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 26 analysts; mean target USD 297.11 (low 239, high 330).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Wells Fargo | Target lowered | Equal-Weight | $297 → $279 |
| 2026-10-14 | UBS | Target lowered | Neutral | $286 → $275 |
| 2026-10-14 | Barclays | Target lowered | Equal-Weight | $297 → $285 |
| 2026-10-13 | RBC Capital | Target lowered | Outperform | $312 → $298 |
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $352 → $326 |
| 2026-09-21 | Evercore ISI Group | Target lowered | Outperform | $303 → $299 |
| 2026-09-17 | Scotiabank | Target lowered | Sector Outperform | $307 → $293 |
| 2026-09-08 | Mizuho | Downgrade | Outperform → Neutral | $308 → $295 |
| 2026-08-17 | Barclays | Target raised | Equal-Weight | $296 → $297 |
| 2026-08-14 | JP Morgan | Target raised | Underweight | $275 → $295 |
| 2026-08-03 | Cantor Fitzgerald | Target raised | Overweight | $291 → $316 |
| 2026-07-31 | RBC Capital | Target raised | Outperform | $306 → $312 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +11.3% | +1.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +11.4% | +0.2% |
| Volatility (annualized) | 19.8% | 22.8% |
| Max drawdown | -9.8% (Jul 2026→Oct 2026) | -41.6% (Mar 2022→Mar 2023) |

## Peers (REIT - Residential)
INVH (Invitation Homes Inc.) USD 27.53 +2.69% · SUI (Sun Communities, Inc.) USD 119.86 +2.92% · MAA (Mid-America Apartment Communiti) USD 121.17 +2.97% · UDR (UDR, Inc.) USD 36.18 +3.25% · AMH (American Homes 4 Rent) USD 31.9 +3.10% · ELS (Equity Lifestyle Properties, In) USD 61.17 +3.40%

## More
Full page: https://nexqual.com/ESS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-07-29)

- "The decrease is primarily attributable to a gain on sale of real estate and land recognized in the second quarter of 2025. • Grew Core FFO per diluted share by 1.2% compared to the second quarter of 2025, exceeding the midpoint of the Company's guidance range by $0.10 per diluted share."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.47 | $1.41 | +4.6% | $491.0M | 5 |
| Next quarter (ends 2026-12-31) | $1.51 | $1.46 | +3.7% | $493.5M | 6 |
| Current fiscal year (ends 2026-12-31) | $5.50 | $5.90 | -6.7% | $1.95B | 3 |
| Next fiscal year (ends 2027-12-31) | $6.23 | $6.12 | +1.9% | $2.02B | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-27): ±5.2%; last 8 reports averaged ±2.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 22.9% | ±5.2% |
| 2026-12-18 | 56 | 20.0% | ±6.4% |
| 2027-01-15 | 84 | 20.9% | ±8.2% |
| 2027-04-16 | 175 | 21.1% | ±11.7% |