Essex Property Trust (ESS)
NYSEReal EstateReit - ResidentialSnapshot 2026-07-07
$298.09+0.03%
Close 2026-07-07 · 1-day change
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Track ESS free→Essex Property Trust grows same-property revenue about 3.4% yearly. It keeps core FFO near $3.98 per share in Q2 2026. Earnings beat with net income rising to $112 million in Q1 2026. The company has a low risk profile and stable market conditions.
High valuation with a PE near 50 times risks a correction. Revenue growth is modest at about 3%. Earnings could falter if market or sector headwinds worsen.
The price is about 27% above our fair value near $233. Analysts expect roughly 3% revenue growth, which aligns with company guidance. Our fair value is below the Street median, reflecting caution on valuation.
Breaks if: Core FFO falls below $3.90 per share in Q2 2026
Continue to uphold the Core FFO guidance range for the fiscal year.
Stated in 4 of last 4 quarters. The company reaffirmed its full-year Core FFO guidance range of $3.92 to $4.04 for Q2 2026. Despite maintaining guidance, the financials show a mixed trajectory with net income fluctuating from $301.7M in 2024-Q4 to $112.2M in 2026-Q1, indicating limited progress in achieving consistent earnings growth.
Standing thesis, reviewed periodically — not a price target or advice.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
“Reaffirmed the full-year guidance ranges for Core FFO per diluted share.”
“Q1 2026 Core FFO $3.89 - $4.01 $3.95”
“Q3 2025 Core FFO N/A $3.89 - $3.99 $3.94 N/A”
“Raised full-year 2025 guidance range as detailed in the table below.”
Breaks if: Net income falls below $85 million in any quarter
Strive to exceed earnings expectations consistently.
Stated in 2 of last 2 quarters. The company announced an earnings beat for 2026-Q1, with net income rising from $85.7M in 2025-Q4 to $112.2M in 2026-Q1. This indicates a positive trajectory in exceeding earnings expectations, aligning with management's stated priority.
“The Company issued a press release announcing an earnings beat.”
“Q3 2025 Core FFO N/A $3.89 - $3.99 $3.94 N/A”
Breaks if: YoY revenue growth falls below 0.8% in FY26
Emphasize growth in same-property revenue to drive overall financial performance.
Stated in 3 of last 3 quarters. The company reaffirmed its same-property revenue growth guidance of 0.80% to 3.40% for 2026. Revenue increased from $454.5M in 2024-Q4 to $484.8M in 2026-Q1, indicating progress in this area. However, the growth remains within the lower end of the guidance range, suggesting moderate delivery.
“Reaffirmed the full-year guidance ranges for same-property revenue.”
“Estimated Same-Property Portfolio Growth Based on 52,209 Apartment Homes.”
“Same-Property Portfolio Growth (1) Revenues 2.90% to 3.40%.”
Breaks if: PE ratio rises above 55 or falls below 30 with earnings decline