Intrinsic value of Essex Property Trust - ESS

Previous Close

$223.63

  Intrinsic Value

$23.50

stock screener

  Rating & Target

str. sell

-89%

Previous close

$223.63

 
Intrinsic value

$23.50

 
Up/down potential

-89%

 
Rating

str. sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.85
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
Revenue, $m
  1,294
  1,354
  1,416
  1,483
  1,552
  1,626
  1,703
  1,785
  1,871
  1,961
  2,056
  2,156
  2,261
  2,372
  2,488
  2,610
  2,738
  2,873
  3,015
  3,164
  3,320
  3,485
  3,657
  3,839
  4,029
  4,230
  4,440
  4,661
  4,893
  5,136
  5,392
Variable operating expenses, $m
 
  196
  205
  215
  225
  236
  247
  259
  271
  284
  298
  313
  328
  344
  361
  378
  397
  417
  437
  459
  481
  505
  530
  557
  584
  613
  644
  676
  709
  745
  782
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
  926
  953
  982
  1,011
  1,042
  1,073
  1,105
  1,139
  1,173
  1,209
  1,247
  1,286
  1,325
  1,367
  1,409
  1,454
  1,500
  1,547
  1,597
  1,648
  1,701
  1,756
  1,813
  1,872
  1,933
  1,997
  2,063
  2,131
  2,202
  2,275
Operating income, $m
  420
  427
  463
  501
  541
  585
  631
  680
  732
  788
  847
  909
  976
  1,046
  1,121
  1,200
  1,284
  1,373
  1,467
  1,567
  1,672
  1,784
  1,901
  2,026
  2,157
  2,296
  2,443
  2,598
  2,762
  2,934
  3,117
EBITDA, $m
  862
  889
  946
  1,007
  1,071
  1,139
  1,212
  1,289
  1,370
  1,456
  1,548
  1,645
  1,747
  1,855
  1,970
  2,090
  2,218
  2,353
  2,496
  2,646
  2,805
  2,972
  3,149
  3,335
  3,532
  3,739
  3,957
  4,188
  4,431
  4,686
  4,956
Interest expense (income), $m
  204
  206
  217
  228
  240
  252
  264
  278
  292
  307
  322
  339
  356
  374
  394
  414
  435
  457
  480
  505
  531
  558
  586
  616
  648
  681
  715
  752
  790
  830
  872
Earnings before tax, $m
  443
  222
  246
  273
  302
  333
  366
  402
  440
  481
  524
  570
  619
  672
  727
  787
  849
  916
  987
  1,062
  1,141
  1,226
  1,315
  1,410
  1,510
  1,616
  1,728
  1,846
  1,972
  2,104
  2,245
Tax expense, $m
  5
  60
  66
  74
  81
  90
  99
  109
  119
  130
  142
  154
  167
  181
  196
  212
  229
  247
  266
  287
  308
  331
  355
  381
  408
  436
  467
  499
  532
  568
  606
Net income, $m
  415
  162
  179
  199
  220
  243
  267
  293
  321
  351
  383
  416
  452
  490
  531
  574
  620
  669
  720
  775
  833
  895
  960
  1,029
  1,102
  1,179
  1,261
  1,348
  1,439
  1,536
  1,639

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
  12,769
  13,362
  13,986
  14,645
  15,339
  16,069
  16,839
  17,648
  18,500
  19,397
  20,340
  21,331
  22,374
  23,469
  24,621
  25,832
  27,105
  28,442
  29,847
  31,323
  32,874
  34,503
  36,215
  38,013
  39,901
  41,885
  43,968
  46,157
  48,455
  50,868
Adjusted assets (=assets-cash), $m
  12,152
  12,769
  13,362
  13,986
  14,645
  15,339
  16,069
  16,839
  17,648
  18,500
  19,397
  20,340
  21,331
  22,374
  23,469
  24,621
  25,832
  27,105
  28,442
  29,847
  31,323
  32,874
  34,503
  36,215
  38,013
  39,901
  41,885
  43,968
  46,157
  48,455
  50,868
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
  10,850
  11,353
  11,884
  12,444
  13,033
  13,654
  14,308
  14,996
  15,720
  16,481
  17,283
  18,125
  19,011
  19,942
  20,921
  21,950
  23,031
  24,167
  25,361
  26,615
  27,933
  29,317
  30,772
  32,299
  33,904
  35,589
  37,360
  39,219
  41,172
  43,223
Working capital, $m
  0
  -68
  -71
  -74
  -78
  -81
  -85
  -89
  -94
  -98
  -103
  -108
  -113
  -119
  -124
  -130
  -137
  -144
  -151
  -158
  -166
  -174
  -183
  -192
  -201
  -211
  -222
  -233
  -245
  -257
  -270
Total debt, $m
  5,563
  5,871
  6,165
  6,475
  6,802
  7,146
  7,508
  7,890
  8,292
  8,714
  9,159
  9,626
  10,118
  10,635
  11,179
  11,750
  12,351
  12,982
  13,645
  14,342
  15,074
  15,844
  16,652
  17,501
  18,392
  19,329
  20,313
  21,346
  22,432
  23,572
  24,769
Total liabilities, $m
  6,025
  6,333
  6,627
  6,937
  7,264
  7,608
  7,970
  8,352
  8,754
  9,176
  9,621
  10,088
  10,580
  11,097
  11,641
  12,212
  12,813
  13,444
  14,107
  14,804
  15,536
  16,306
  17,114
  17,963
  18,854
  19,791
  20,775
  21,808
  22,894
  24,034
  25,231
Total equity, $m
  6,192
  6,436
  6,734
  7,049
  7,381
  7,731
  8,099
  8,487
  8,895
  9,324
  9,776
  10,251
  10,751
  11,276
  11,829
  12,409
  13,019
  13,661
  14,335
  15,043
  15,787
  16,569
  17,390
  18,252
  19,158
  20,110
  21,110
  22,160
  23,263
  24,421
  25,638
Total liabilities and equity, $m
  12,217
  12,769
  13,361
  13,986
  14,645
  15,339
  16,069
  16,839
  17,649
  18,500
  19,397
  20,339
  21,331
  22,373
  23,470
  24,621
  25,832
  27,105
  28,442
  29,847
  31,323
  32,875
  34,504
  36,215
  38,012
  39,901
  41,885
  43,968
  46,157
  48,455
  50,869
Debt-to-equity ratio
  0.898
  0.910
  0.920
  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
  0.950
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  0.960
  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
  162
  179
  199
  220
  243
  267
  293
  321
  351
  383
  416
  452
  490
  531
  574
  620
  669
  720
  775
  833
  895
  960
  1,029
  1,102
  1,179
  1,261
  1,348
  1,439
  1,536
  1,639
Depreciation, amort., depletion, $m
  442
  462
  483
  506
  530
  555
  581
  609
  638
  669
  701
  735
  771
  809
  849
  890
  934
  980
  1,028
  1,079
  1,133
  1,189
  1,248
  1,309
  1,374
  1,443
  1,514
  1,590
  1,669
  1,752
  1,839
Funds from operations, $m
  712
  623
  662
  705
  750
  798
  848
  902
  959
  1,020
  1,084
  1,152
  1,224
  1,299
  1,380
  1,464
  1,554
  1,649
  1,749
  1,854
  1,966
  2,083
  2,208
  2,338
  2,477
  2,622
  2,776
  2,938
  3,108
  3,288
  3,478
Change in working capital, $m
  -1
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
Cash from operations, $m
  713
  626
  666
  708
  753
  801
  852
  906
  964
  1,024
  1,089
  1,157
  1,229
  1,305
  1,385
  1,471
  1,561
  1,656
  1,756
  1,862
  1,974
  2,092
  2,216
  2,348
  2,486
  2,632
  2,786
  2,949
  3,120
  3,300
  3,491
Maintenance CAPEX, $m
  0
  -441
  -462
  -483
  -506
  -530
  -555
  -581
  -609
  -638
  -669
  -701
  -735
  -771
  -809
  -849
  -890
  -934
  -980
  -1,028
  -1,079
  -1,133
  -1,189
  -1,248
  -1,309
  -1,374
  -1,443
  -1,514
  -1,590
  -1,669
  -1,752
New CAPEX, $m
  -536
  -477
  -503
  -531
  -560
  -590
  -621
  -654
  -688
  -724
  -762
  -801
  -842
  -886
  -931
  -979
  -1,029
  -1,081
  -1,136
  -1,194
  -1,254
  -1,318
  -1,384
  -1,454
  -1,528
  -1,605
  -1,685
  -1,770
  -1,859
  -1,953
  -2,051
Cash from investing activities, $m
  -421
  -918
  -965
  -1,014
  -1,066
  -1,120
  -1,176
  -1,235
  -1,297
  -1,362
  -1,431
  -1,502
  -1,577
  -1,657
  -1,740
  -1,828
  -1,919
  -2,015
  -2,116
  -2,222
  -2,333
  -2,451
  -2,573
  -2,702
  -2,837
  -2,979
  -3,128
  -3,284
  -3,449
  -3,622
  -3,803
Free cash flow, $m
  292
  -292
  -300
  -306
  -312
  -318
  -323
  -328
  -333
  -338
  -342
  -346
  -349
  -352
  -355
  -357
  -359
  -360
  -360
  -360
  -360
  -359
  -357
  -354
  -351
  -347
  -342
  -336
  -329
  -321
  -312
Issuance/(repayment) of debt, $m
  247
  308
  294
  310
  327
  344
  362
  382
  402
  423
  445
  468
  492
  517
  544
  571
  601
  631
  663
  697
  732
  769
  808
  849
  892
  937
  984
  1,033
  1,085
  1,140
  1,197
Issuance/(repurchase) of shares, $m
  -56
  147
  119
  116
  112
  107
  101
  94
  87
  79
  69
  59
  47
  35
  21
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  155
  455
  413
  426
  439
  451
  463
  476
  489
  502
  514
  527
  539
  552
  565
  577
  601
  631
  663
  697
  732
  769
  808
  849
  892
  937
  984
  1,033
  1,085
  1,140
  1,197
Total cash flow (excl. dividends), $m
  446
  163
  114
  120
  126
  133
  140
  148
  155
  163
  172
  181
  190
  200
  210
  221
  242
  271
  303
  336
  372
  411
  451
  495
  541
  590
  642
  697
  756
  819
  885
Retained Cash Flow (-), $m
  46
  -309
  -299
  -315
  -332
  -350
  -368
  -388
  -408
  -429
  -452
  -475
  -500
  -525
  -552
  -581
  -610
  -641
  -674
  -708
  -744
  -782
  -821
  -863
  -906
  -952
  -1,000
  -1,050
  -1,103
  -1,158
  -1,216
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
 
  -81
  -185
  -195
  -206
  -217
  -228
  -240
  -253
  -266
  -280
  -294
  -310
  -325
  -342
  -360
  -368
  -370
  -371
  -372
  -372
  -371
  -370
  -368
  -365
  -362
  -358
  -353
  -347
  -340
  -332
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
 
  -74
  -157
  -150
  -142
  -134
  -125
  -115
  -104
  -94
  -83
  -73
  -63
  -53
  -45
  -37
  -29
  -22
  -16
  -12
  -8
  -6
  -4
  -2
  -2
  -1
  -1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  99.0
  98.2
  97.5
  96.9
  96.3
  95.8
  95.3
  94.9
  94.6
  94.3
  94.0
  93.8
  93.7
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6
  93.6

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 35.3
Price to Sales 11.3
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 82.8
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 4.6% 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 65.874 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 $14.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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AVB Avalonbay Comm 168.70 18.40  str.sell
UDR UDR 35.97 2.88  str.sell
CPT Camden Propert 84.81 8.16  str.sell
MAA Mid-America Ap 92.52 14.11  str.sell
ACC American Campu 38.53 6.33  str.sell

COMPANY NEWS

▶ Essex Reports Characteristics of 2017 Dividends   [Jan-17-18 04:15PM  Business Wire]
▶ How To Profit From The New Fed Chair   [Jan-11-18 08:23AM  Forbes]
▶ What Do Wall Street Analysts Think of Equity Residential?   [Jan-10-18 09:02AM  Market Realist]
▶ How Does Equity Residentials Balance Sheet Look?   [Jan-09-18 10:34AM  Market Realist]
▶ 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
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