Intrinsic value of Essex Property Trust - ESS

Previous Close

$262.70

  Intrinsic Value

$23.58

stock screener

  Rating & Target

str. sell

-91%

  Value-price divergence*

-28%

Previous close

$262.70

 
Intrinsic value

$23.58

 
Up/down potential

-91%

 
Rating

str. sell

 
Value-price divergence*

-28%

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

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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 17.2

 

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
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  1,294
  1,381
  1,471
  1,565
  1,662
  1,764
  1,870
  1,980
  2,095
  2,215
  2,341
  2,472
  2,608
  2,751
  2,901
  3,057
  3,221
  3,392
  3,571
  3,759
  3,955
  4,161
  4,377
  4,603
  4,840
  5,089
  5,350
  5,623
  5,910
  6,211
  6,526
Variable operating expenses, $m
 
  538
  574
  610
  648
  688
  729
  772
  817
  864
  913
  964
  1,017
  1,073
  1,131
  1,192
  1,256
  1,323
  1,393
  1,466
  1,543
  1,623
  1,707
  1,795
  1,888
  1,985
  2,086
  2,193
  2,305
  2,422
  2,545
Fixed operating expenses, $m
 
  387
  397
  407
  417
  428
  438
  449
  461
  472
  484
  496
  508
  521
  534
  547
  561
  575
  590
  604
  619
  635
  651
  667
  684
  701
  718
  736
  755
  774
  793
Total operating expenses, $m
  874
  925
  971
  1,017
  1,065
  1,116
  1,167
  1,221
  1,278
  1,336
  1,397
  1,460
  1,525
  1,594
  1,665
  1,739
  1,817
  1,898
  1,983
  2,070
  2,162
  2,258
  2,358
  2,462
  2,572
  2,686
  2,804
  2,929
  3,060
  3,196
  3,338
Operating income, $m
  420
  455
  500
  547
  597
  648
  702
  759
  818
  879
  944
  1,012
  1,083
  1,157
  1,235
  1,317
  1,404
  1,494
  1,589
  1,689
  1,793
  1,904
  2,019
  2,141
  2,269
  2,404
  2,545
  2,694
  2,850
  3,015
  3,188
EBITDA, $m
  862
  926
  1,002
  1,081
  1,164
  1,250
  1,340
  1,434
  1,532
  1,635
  1,742
  1,855
  1,973
  2,096
  2,225
  2,360
  2,502
  2,651
  2,807
  2,971
  3,143
  3,323
  3,512
  3,711
  3,920
  4,139
  4,370
  4,612
  4,866
  5,133
  5,414
Interest expense (income), $m
  204
  206
  222
  238
  254
  271
  288
  307
  326
  346
  366
  388
  411
  435
  459
  485
  512
  541
  570
  601
  634
  668
  703
  741
  780
  821
  864
  909
  956
  1,006
  1,058
Earnings before tax, $m
  443
  249
  278
  310
  343
  378
  414
  452
  492
  534
  578
  624
  672
  723
  776
  832
  891
  953
  1,019
  1,087
  1,160
  1,236
  1,316
  1,400
  1,489
  1,583
  1,681
  1,785
  1,894
  2,009
  2,130
Tax expense, $m
  5
  67
  75
  84
  93
  102
  112
  122
  133
  144
  156
  168
  181
  195
  210
  225
  241
  257
  275
  294
  313
  334
  355
  378
  402
  427
  454
  482
  511
  542
  575
Net income, $m
  415
  182
  203
  226
  250
  276
  302
  330
  359
  390
  422
  455
  491
  528
  567
  608
  651
  696
  744
  794
  847
  902
  961
  1,022
  1,087
  1,155
  1,227
  1,303
  1,383
  1,466
  1,555

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
  13,025
  13,876
  14,761
  15,682
  16,641
  17,640
  18,681
  19,767
  20,900
  22,083
  23,318
  24,608
  25,957
  27,367
  28,842
  30,385
  32,000
  33,690
  35,461
  37,315
  39,258
  41,294
  43,428
  45,665
  48,010
  50,469
  53,048
  55,753
  58,590
  61,566
Adjusted assets (=assets-cash), $m
  12,152
  13,025
  13,876
  14,761
  15,682
  16,641
  17,640
  18,681
  19,767
  20,900
  22,083
  23,318
  24,608
  25,957
  27,367
  28,842
  30,385
  32,000
  33,690
  35,461
  37,315
  39,258
  41,294
  43,428
  45,665
  48,010
  50,469
  53,048
  55,753
  58,590
  61,566
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
  11,068
  11,790
  12,542
  13,325
  14,140
  14,989
  15,873
  16,796
  17,759
  18,764
  19,813
  20,910
  22,055
  23,254
  24,507
  25,818
  27,190
  28,627
  30,131
  31,707
  33,358
  35,087
  36,901
  38,801
  40,794
  42,883
  45,075
  47,373
  49,784
  52,313
Working capital, $m
  0
  -69
  -74
  -78
  -83
  -88
  -93
  -99
  -105
  -111
  -117
  -124
  -130
  -138
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -208
  -219
  -230
  -242
  -254
  -267
  -281
  -295
  -311
  -326
Total debt, $m
  5,563
  5,999
  6,421
  6,859
  7,316
  7,792
  8,287
  8,804
  9,343
  9,905
  10,491
  11,104
  11,744
  12,413
  13,112
  13,843
  14,609
  15,410
  16,248
  17,127
  18,046
  19,010
  20,020
  21,078
  22,188
  23,351
  24,571
  25,850
  27,191
  28,599
  30,075
Total liabilities, $m
  6,025
  6,461
  6,883
  7,321
  7,778
  8,254
  8,749
  9,266
  9,805
  10,367
  10,953
  11,566
  12,206
  12,875
  13,574
  14,305
  15,071
  15,872
  16,710
  17,589
  18,508
  19,472
  20,482
  21,540
  22,650
  23,813
  25,033
  26,312
  27,653
  29,061
  30,537
Total equity, $m
  6,192
  6,565
  6,994
  7,439
  7,904
  8,387
  8,891
  9,415
  9,963
  10,534
  11,130
  11,752
  12,403
  13,082
  13,793
  14,536
  15,314
  16,128
  16,980
  17,872
  18,807
  19,786
  20,812
  21,888
  23,015
  24,197
  25,436
  26,736
  28,099
  29,529
  31,029
Total liabilities and equity, $m
  12,217
  13,026
  13,877
  14,760
  15,682
  16,641
  17,640
  18,681
  19,768
  20,901
  22,083
  23,318
  24,609
  25,957
  27,367
  28,841
  30,385
  32,000
  33,690
  35,461
  37,315
  39,258
  41,294
  43,428
  45,665
  48,010
  50,469
  53,048
  55,752
  58,590
  61,566
Debt-to-equity ratio
  0.898
  0.910
  0.920
  0.920
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
  0.940
  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
  0.970
  0.970
  0.970
  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
  182
  203
  226
  250
  276
  302
  330
  359
  390
  422
  455
  491
  528
  567
  608
  651
  696
  744
  794
  847
  902
  961
  1,022
  1,087
  1,155
  1,227
  1,303
  1,383
  1,466
  1,555
Depreciation, amort., depletion, $m
  442
  471
  502
  534
  567
  602
  638
  675
  715
  756
  798
  843
  890
  939
  990
  1,043
  1,099
  1,157
  1,218
  1,282
  1,349
  1,419
  1,493
  1,570
  1,651
  1,736
  1,825
  1,918
  2,016
  2,118
  2,226
Funds from operations, $m
  712
  653
  705
  760
  817
  877
  940
  1,005
  1,074
  1,145
  1,220
  1,298
  1,380
  1,466
  1,556
  1,650
  1,749
  1,853
  1,962
  2,076
  2,196
  2,322
  2,454
  2,592
  2,738
  2,891
  3,052
  3,221
  3,398
  3,585
  3,781
Change in working capital, $m
  -1
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Cash from operations, $m
  713
  657
  709
  765
  822
  882
  945
  1,011
  1,080
  1,151
  1,226
  1,305
  1,387
  1,473
  1,564
  1,658
  1,757
  1,862
  1,971
  2,085
  2,206
  2,332
  2,465
  2,604
  2,750
  2,904
  3,065
  3,235
  3,413
  3,600
  3,797
Maintenance CAPEX, $m
  0
  -441
  -471
  -502
  -534
  -567
  -602
  -638
  -675
  -715
  -756
  -798
  -843
  -890
  -939
  -990
  -1,043
  -1,099
  -1,157
  -1,218
  -1,282
  -1,349
  -1,419
  -1,493
  -1,570
  -1,651
  -1,736
  -1,825
  -1,918
  -2,016
  -2,118
New CAPEX, $m
  -536
  -695
  -723
  -752
  -783
  -815
  -849
  -885
  -923
  -963
  -1,005
  -1,049
  -1,096
  -1,146
  -1,198
  -1,253
  -1,311
  -1,372
  -1,437
  -1,504
  -1,576
  -1,651
  -1,730
  -1,813
  -1,901
  -1,993
  -2,089
  -2,191
  -2,298
  -2,411
  -2,529
Cash from investing activities, $m
  -421
  -1,136
  -1,194
  -1,254
  -1,317
  -1,382
  -1,451
  -1,523
  -1,598
  -1,678
  -1,761
  -1,847
  -1,939
  -2,036
  -2,137
  -2,243
  -2,354
  -2,471
  -2,594
  -2,722
  -2,858
  -3,000
  -3,149
  -3,306
  -3,471
  -3,644
  -3,825
  -4,016
  -4,216
  -4,427
  -4,647
Free cash flow, $m
  292
  -480
  -484
  -489
  -494
  -499
  -505
  -512
  -519
  -526
  -534
  -543
  -552
  -562
  -573
  -584
  -596
  -609
  -623
  -637
  -652
  -668
  -685
  -702
  -721
  -740
  -760
  -782
  -804
  -827
  -851
Issuance/(repayment) of debt, $m
  247
  436
  422
  439
  457
  476
  496
  517
  539
  562
  587
  613
  640
  669
  699
  731
  765
  801
  839
  878
  920
  964
  1,010
  1,058
  1,109
  1,163
  1,220
  1,279
  1,342
  1,407
  1,476
Issuance/(repurchase) of shares, $m
  -56
  256
  226
  220
  214
  208
  201
  195
  188
  181
  174
  167
  160
  152
  144
  136
  127
  118
  108
  99
  88
  77
  65
  53
  40
  27
  12
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  155
  692
  648
  659
  671
  684
  697
  712
  727
  743
  761
  780
  800
  821
  843
  867
  892
  919
  947
  977
  1,008
  1,041
  1,075
  1,111
  1,149
  1,190
  1,232
  1,279
  1,342
  1,407
  1,476
Total cash flow (excl. dividends), $m
  446
  212
  163
  170
  177
  184
  192
  200
  208
  217
  227
  237
  247
  259
  270
  283
  296
  310
  324
  340
  356
  373
  390
  409
  429
  450
  472
  498
  538
  581
  625
Retained Cash Flow (-), $m
  46
  -438
  -429
  -446
  -464
  -483
  -504
  -525
  -547
  -571
  -596
  -622
  -650
  -680
  -711
  -743
  -778
  -814
  -852
  -892
  -935
  -979
  -1,026
  -1,075
  -1,127
  -1,182
  -1,239
  -1,300
  -1,363
  -1,430
  -1,500
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
 
  -161
  -266
  -276
  -288
  -299
  -312
  -325
  -339
  -354
  -369
  -386
  -403
  -421
  -440
  -460
  -482
  -504
  -528
  -553
  -579
  -607
  -636
  -666
  -698
  -732
  -768
  -802
  -825
  -849
  -875
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
 
  -148
  -225
  -212
  -199
  -185
  -170
  -155
  -140
  -125
  -110
  -96
  -82
  -69
  -57
  -47
  -38
  -30
  -23
  -17
  -13
  -9
  -7
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  98.5
  97.3
  96.2
  95.3
  94.4
  93.6
  92.8
  92.2
  91.6
  91.0
  90.5
  90.1
  89.7
  89.3
  89.0
  88.8
  88.5
  88.3
  88.1
  88.0
  87.8
  87.7
  87.6
  87.6
  87.5
  87.5
  87.5
  87.5
  87.5
  87.5

Essex Property Trust, Inc. operates as a self-administered and self-managed real estate investment trust in the United States. It engages in the ownership, operation, management, acquisition, development, and redevelopment of apartment communities, as well as commercial properties. As of March 31, 2012, the company owned or had interests in 158 apartment communities; and 5 commercial buildings, as well as 5 development projects. Its communities are located in Los Angeles, Orange, Riverside, San Diego, Santa Barbara, and Ventura counties in southern California; and the San Francisco Bay area in northern California, as well as in the Seattle metropolitan area. The company has elected to be taxed as a real estate investment trust. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. Essex Property Trust, Inc. was founded in 1971 and is headquartered in Palo Alto, California.

FINANCIAL RATIOS  of  Essex Property Trust (ESS)

Valuation Ratios
P/E Ratio 41.5
Price to Sales 13.3
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow 97.3
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. 27.7%
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 6.7% 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 39%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $378 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 65.644 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 $17.2 billion.

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COMPANY NEWS

▶ 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]
▶ Essex Reports Characteristics of 2016 Dividends   [Jan-13-17 04:15PM  Marketwired]
▶ Essex Property Trust Declares Quarterly Distributions   [Dec-15-16 04:15PM  Marketwired]
▶ Is Rockwell Automation (ROK) Worth Another Look?   [Nov-26-16 01:22PM  at Insider Monkey]
▶ [$$] REIT Picks for a President Trump   [Nov-21-16 04:46PM  at Barrons.com]
▶ Essex Announces S&P Rating Upgrade to BBB+   [Oct-19-16 05:22PM  Marketwired]
▶ Essex Announces Moody's Rating Upgrade to Baa1   [Oct-11-16 04:15PM  Marketwired]
Stock chart of ESS 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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