Intrinsic value of Essex Property Trust - ESS

Previous Close

$249.79

  Intrinsic Value

$23.46

stock screener

  Rating & Target

str. sell

-91%

Previous close

$249.79

 
Intrinsic value

$23.46

 
Up/down potential

-91%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as ESS.

We calculate the intrinsic value of ESS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 16.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.38
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  1,294
  1,363
  1,434
  1,510
  1,588
  1,671
  1,757
  1,848
  1,943
  2,043
  2,147
  2,257
  2,372
  2,493
  2,619
  2,752
  2,891
  3,037
  3,191
  3,352
  3,521
  3,698
  3,884
  4,079
  4,284
  4,500
  4,726
  4,963
  5,212
  5,473
  5,748
Variable operating expenses, $m
 
  198
  208
  219
  230
  242
  255
  268
  282
  296
  311
  327
  344
  361
  380
  399
  419
  440
  463
  486
  510
  536
  563
  592
  621
  652
  685
  720
  756
  794
  833
Fixed operating expenses, $m
 
  730
  748
  767
  786
  806
  826
  846
  868
  889
  911
  934
  958
  981
  1,006
  1,031
  1,057
  1,083
  1,110
  1,138
  1,167
  1,196
  1,226
  1,256
  1,288
  1,320
  1,353
  1,387
  1,422
  1,457
  1,493
Total operating expenses, $m
  874
  928
  956
  986
  1,016
  1,048
  1,081
  1,114
  1,150
  1,185
  1,222
  1,261
  1,302
  1,342
  1,386
  1,430
  1,476
  1,523
  1,573
  1,624
  1,677
  1,732
  1,789
  1,848
  1,909
  1,972
  2,038
  2,107
  2,178
  2,251
  2,326
Operating income, $m
  420
  435
  478
  524
  572
  623
  677
  734
  794
  857
  925
  995
  1,070
  1,150
  1,233
  1,322
  1,415
  1,513
  1,618
  1,727
  1,843
  1,966
  2,095
  2,231
  2,375
  2,527
  2,687
  2,856
  3,035
  3,223
  3,421
EBITDA, $m
  862
  900
  968
  1,039
  1,114
  1,193
  1,276
  1,364
  1,457
  1,554
  1,657
  1,765
  1,880
  2,000
  2,127
  2,260
  2,401
  2,549
  2,706
  2,871
  3,044
  3,227
  3,420
  3,623
  3,837
  4,062
  4,299
  4,549
  4,812
  5,089
  5,381
Interest expense (income), $m
  204
  206
  219
  231
  244
  258
  272
  287
  303
  319
  337
  355
  374
  394
  414
  436
  459
  483
  509
  535
  563
  592
  623
  655
  689
  725
  762
  801
  842
  885
  930
Earnings before tax, $m
  443
  229
  260
  293
  328
  365
  405
  447
  491
  538
  588
  641
  697
  756
  819
  885
  956
  1,030
  1,109
  1,192
  1,280
  1,373
  1,472
  1,576
  1,686
  1,802
  1,925
  2,055
  2,192
  2,337
  2,490
Tax expense, $m
  5
  62
  70
  79
  89
  99
  109
  121
  133
  145
  159
  173
  188
  204
  221
  239
  258
  278
  299
  322
  346
  371
  397
  426
  455
  487
  520
  555
  592
  631
  672
Net income, $m
  415
  167
  189
  214
  239
  267
  295
  326
  358
  393
  429
  468
  509
  552
  598
  646
  698
  752
  809
  870
  935
  1,003
  1,074
  1,151
  1,231
  1,316
  1,406
  1,500
  1,600
  1,706
  1,818

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  65
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,217
  12,855
  13,532
  14,241
  14,985
  15,763
  16,580
  17,435
  18,332
  19,272
  20,258
  21,292
  22,377
  23,514
  24,708
  25,960
  27,275
  28,653
  30,100
  31,619
  33,213
  34,886
  36,641
  38,484
  40,419
  42,449
  44,581
  46,818
  49,168
  51,634
  54,223
Adjusted assets (=assets-cash), $m
  12,152
  12,855
  13,532
  14,241
  14,985
  15,763
  16,580
  17,435
  18,332
  19,272
  20,258
  21,292
  22,377
  23,514
  24,708
  25,960
  27,275
  28,653
  30,100
  31,619
  33,213
  34,886
  36,641
  38,484
  40,419
  42,449
  44,581
  46,818
  49,168
  51,634
  54,223
Revenue / Adjusted assets
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
  0.106
Average production assets, $m
  10,373
  10,922
  11,498
  12,101
  12,732
  13,394
  14,088
  14,814
  15,576
  16,375
  17,213
  18,092
  19,013
  19,980
  20,994
  22,059
  23,175
  24,347
  25,576
  26,867
  28,221
  29,642
  31,134
  32,700
  34,343
  36,069
  37,880
  39,781
  41,777
  43,873
  46,073
Working capital, $m
  0
  -68
  -72
  -75
  -79
  -84
  -88
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -138
  -145
  -152
  -160
  -168
  -176
  -185
  -194
  -204
  -214
  -225
  -236
  -248
  -261
  -274
  -287
Total debt, $m
  5,563
  5,914
  6,250
  6,602
  6,970
  7,357
  7,761
  8,186
  8,631
  9,097
  9,586
  10,099
  10,637
  11,201
  11,793
  12,414
  13,066
  13,750
  14,468
  15,221
  16,012
  16,841
  17,712
  18,626
  19,586
  20,593
  21,650
  22,760
  23,925
  25,148
  26,432
Total liabilities, $m
  6,025
  6,376
  6,712
  7,064
  7,432
  7,819
  8,223
  8,648
  9,093
  9,559
  10,048
  10,561
  11,099
  11,663
  12,255
  12,876
  13,528
  14,212
  14,930
  15,683
  16,474
  17,303
  18,174
  19,088
  20,048
  21,055
  22,112
  23,222
  24,387
  25,610
  26,894
Total equity, $m
  6,192
  6,479
  6,820
  7,178
  7,552
  7,945
  8,356
  8,787
  9,239
  9,713
  10,210
  10,731
  11,278
  11,851
  12,453
  13,084
  13,746
  14,441
  15,171
  15,936
  16,739
  17,582
  18,467
  19,396
  20,371
  21,394
  22,469
  23,597
  24,780
  26,023
  27,328
Total liabilities and equity, $m
  12,217
  12,855
  13,532
  14,242
  14,984
  15,764
  16,579
  17,435
  18,332
  19,272
  20,258
  21,292
  22,377
  23,514
  24,708
  25,960
  27,274
  28,653
  30,101
  31,619
  33,213
  34,885
  36,641
  38,484
  40,419
  42,449
  44,581
  46,819
  49,167
  51,633
  54,222
Debt-to-equity ratio
  0.898
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
  0.950
  0.950
  0.950
  0.950
  0.950
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.970
  0.970
  0.970
Adjusted equity ratio
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504
  0.504

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  415
  167
  189
  214
  239
  267
  295
  326
  358
  393
  429
  468
  509
  552
  598
  646
  698
  752
  809
  870
  935
  1,003
  1,074
  1,151
  1,231
  1,316
  1,406
  1,500
  1,600
  1,706
  1,818
Depreciation, amort., depletion, $m
  442
  465
  489
  515
  542
  570
  599
  630
  663
  697
  732
  770
  809
  850
  893
  939
  986
  1,036
  1,088
  1,143
  1,201
  1,261
  1,325
  1,391
  1,461
  1,535
  1,612
  1,693
  1,778
  1,867
  1,961
Funds from operations, $m
  712
  632
  679
  729
  781
  837
  895
  956
  1,021
  1,090
  1,162
  1,238
  1,318
  1,402
  1,491
  1,585
  1,684
  1,788
  1,898
  2,013
  2,135
  2,264
  2,399
  2,542
  2,692
  2,851
  3,017
  3,193
  3,378
  3,573
  3,778
Change in working capital, $m
  -1
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
Cash from operations, $m
  713
  636
  682
  732
  785
  841
  899
  961
  1,026
  1,095
  1,167
  1,243
  1,323
  1,408
  1,497
  1,592
  1,691
  1,795
  1,905
  2,022
  2,144
  2,273
  2,409
  2,552
  2,703
  2,861
  3,029
  3,205
  3,391
  3,586
  3,792
Maintenance CAPEX, $m
  0
  -441
  -465
  -489
  -515
  -542
  -570
  -599
  -630
  -663
  -697
  -732
  -770
  -809
  -850
  -893
  -939
  -986
  -1,036
  -1,088
  -1,143
  -1,201
  -1,261
  -1,325
  -1,391
  -1,461
  -1,535
  -1,612
  -1,693
  -1,778
  -1,867
New CAPEX, $m
  -536
  -550
  -576
  -603
  -632
  -662
  -693
  -727
  -762
  -799
  -838
  -879
  -922
  -967
  -1,014
  -1,064
  -1,117
  -1,172
  -1,230
  -1,290
  -1,354
  -1,421
  -1,492
  -1,566
  -1,644
  -1,725
  -1,811
  -1,901
  -1,996
  -2,095
  -2,200
Cash from investing activities, $m
  -421
  -991
  -1,041
  -1,092
  -1,147
  -1,204
  -1,263
  -1,326
  -1,392
  -1,462
  -1,535
  -1,611
  -1,692
  -1,776
  -1,864
  -1,957
  -2,056
  -2,158
  -2,266
  -2,378
  -2,497
  -2,622
  -2,753
  -2,891
  -3,035
  -3,186
  -3,346
  -3,513
  -3,689
  -3,873
  -4,067
Free cash flow, $m
  292
  -356
  -358
  -360
  -361
  -363
  -364
  -365
  -366
  -367
  -368
  -368
  -368
  -368
  -367
  -366
  -364
  -363
  -360
  -357
  -354
  -349
  -345
  -339
  -333
  -325
  -317
  -308
  -298
  -287
  -275
Issuance/(repayment) of debt, $m
  247
  351
  336
  352
  369
  386
  405
  424
  445
  466
  489
  513
  538
  564
  592
  621
  652
  684
  718
  753
  791
  830
  871
  914
  959
  1,007
  1,057
  1,110
  1,165
  1,223
  1,284
Issuance/(repurchase) of shares, $m
  -56
  184
  152
  144
  135
  126
  116
  105
  94
  81
  68
  53
  38
  22
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  155
  535
  488
  496
  504
  512
  521
  529
  539
  547
  557
  566
  576
  586
  596
  621
  652
  684
  718
  753
  791
  830
  871
  914
  959
  1,007
  1,057
  1,110
  1,165
  1,223
  1,284
Total cash flow (excl. dividends), $m
  446
  179
  130
  136
  143
  149
  156
  164
  172
  180
  189
  198
  208
  218
  229
  255
  287
  321
  358
  396
  437
  480
  526
  575
  627
  682
  740
  802
  867
  936
  1,009
Retained Cash Flow (-), $m
  46
  -352
  -341
  -358
  -375
  -392
  -411
  -431
  -452
  -474
  -497
  -521
  -547
  -573
  -602
  -631
  -662
  -695
  -729
  -765
  -803
  -843
  -885
  -929
  -975
  -1,023
  -1,074
  -1,128
  -1,184
  -1,243
  -1,305
Prev. year cash balance distribution, $m
 
  65
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  -107
  -212
  -222
  -232
  -243
  -255
  -267
  -280
  -294
  -308
  -323
  -339
  -355
  -373
  -376
  -375
  -374
  -372
  -369
  -366
  -363
  -359
  -354
  -348
  -342
  -334
  -326
  -317
  -307
  -295
Discount rate, %
 
  8.30
  8.72
  9.15
  9.61
  10.09
  10.59
  11.12
  11.68
  12.26
  12.88
  13.52
  14.20
  14.91
  15.65
  16.43
  17.26
  18.12
  19.02
  19.97
  20.97
  22.02
  23.12
  24.28
  25.49
  26.77
  28.11
  29.51
  30.99
  32.54
  34.16
PV of cash for distribution, $m
 
  -99
  -179
  -170
  -161
  -150
  -139
  -128
  -116
  -104
  -92
  -80
  -69
  -58
  -49
  -38
  -29
  -22
  -16
  -12
  -8
  -6
  -4
  -2
  -1
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.9
  98.0
  97.2
  96.6
  96.0
  95.4
  95.0
  94.6
  94.3
  94.1
  93.9
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7

Essex Property Trust, Inc. is a self-administered and self-managed real estate investment trust. The Company is engaged primarily in the ownership, operation, management, acquisition, development and redevelopment of predominantly apartment communities, located along the West Coast. Its segments include Southern California, Northern California, Seattle Metro and Other real estate assets. The Company owns all of its interest in its real estate and other investments directly or indirectly through Essex Portfolio, L.P. (the Operating Partnership). Its properties include Mio, Form 15, Emerson Valley Village and Ashton Sherman Village. As of December 31, 2016, it owned or held an interest in 245 communities, aggregating 59,645 apartment homes, excluding its ownership in preferred equity investments, as well as two operating commercial buildings (totaling approximately 140,564 square feet), and six active development projects with 2,223 apartment homes in various stages of development.

FINANCIAL RATIOS  of  Essex Property Trust (ESS)

Valuation Ratios
P/E Ratio 39.4
Price to Sales 12.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 23
Price to Free Cash Flow 92.5
Growth Rates
Sales Growth Rate 8.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -35.4%
Cap. Spend. - 3 Yr. Gr. Rate 2.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 89.8%
Total Debt to Equity 89.8%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.4%
Return On Equity 6.7%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 69.9%
Gross Margin - 3 Yr. Avg. 69.1%
EBITDA Margin 84.2%
EBITDA Margin - 3 Yr. Avg. 74.2%
Operating Margin 32.5%
Oper. Margin - 3 Yr. Avg. 26.8%
Pre-Tax Margin 34.2%
Pre-Tax Margin - 3 Yr. Avg. 22.9%
Net Profit Margin 32.1%
Net Profit Margin - 3 Yr. Avg. 21.4%
Effective Tax Rate 1.1%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 99%

ESS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESS stock intrinsic value calculation we used $1294 million for the last fiscal year's total revenue generated by Essex Property Trust. The default revenue input number comes from 2016 income statement of Essex Property Trust. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ESS stock valuation model: a) initial revenue growth rate of 5.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.3%, whose default value for ESS is calculated based on our internal credit rating of Essex Property Trust, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Essex Property Trust.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ESS stock the variable cost ratio is equal to 14.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $712 million in the base year in the intrinsic value calculation for ESS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.7% for Essex Property Trust.

Corporate tax rate of 27% is the nominal tax rate for Essex Property Trust. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ESS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ESS are equal to 801.6%.

Life of production assets of 23.5 years is the average useful life of capital assets used in Essex Property Trust operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ESS is equal to -5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6192 million for Essex Property Trust - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 65.975 million for Essex Property Trust is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Essex Property Trust at the current share price and the inputted number of shares is $16.5 billion.

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COMPANY NEWS

▶ Essex Property Trust Declares Quarterly Distributions   [Dec-13-17 04:15PM  Business Wire]
▶ 3 REITs About To Surge On Retiring Boomers   [Dec-05-17 08:23AM  Forbes]
▶ NYSE Top Real Estate Dividend Paying Stocks   [Nov-06-17 10:02AM  Simply Wall St.]
▶ Essex Property Trust, Inc. to Host Earnings Call   [Nov-02-17 10:10AM  ACCESSWIRE]
▶ Essex Property Trust reports 3Q results   [Nov-01-17 04:43PM  Associated Press]
▶ Essex Announces Third Quarter 2017 Results   [04:15PM  Business Wire]
▶ [$$] Three REITs Worth an Upgrade   [Sep-26-17 02:56PM  Barrons.com]
▶ Essex Property Trust Declares Quarterly Distributions   [Sep-19-17 05:14PM  Business Wire]
▶ How AvalonBay Compares after 2Q17   [Aug-11-17 07:35AM  Market Realist]
▶ Why This REIT Is No Longer A Buy   [Jul-31-17 01:40PM  Barrons.com]
▶ Essex Property Trust reports 2Q results   [Jul-27-17 10:08PM  Associated Press]
▶ Essex Announces Second Quarter 2017 Results   [04:15PM  Business Wire]
▶ Equity Residential Compared to Its Peers   [Jul-17-17 02:17PM  Market Realist]
▶ How Well Does Essex Property Manage Its Balance Sheet?   [Jul-11-17 10:36AM  Market Realist]
▶ Essex Property and Residential REITs Are Poised to Grow   [Jul-07-17 05:35PM  Market Realist]
▶ Equity Residential: Weathering the Macroeconomic Headwinds   [May-24-17 04:10PM  Market Realist]
▶ Essex Property Trust Declares Quarterly Distributions   [May-18-17 04:15PM  Marketwired]
▶ Essex Property Trust reports 1Q results   [Apr-27-17 04:32PM  Associated Press]
Financial statements of ESS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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