ESS
ESSEX PROPERTY TRUST, INC.Evidence as of 2026-10-15The desk's Snapshot
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Overview · ESSEX PROPERTY TRUST, INC.
Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 252 apartment communities comprising approximately 62,000 apartment homes with an additional property in active development.
Management team
- Mr. Rylan K. Burns · Executive VP & Chief Investment OfficerFind on LinkedIn
- Ms. Anne M. Morrison · Executive VP, Chief Administrative Officer, General Counsel & SecretaryFind on LinkedIn
- Mr. Rylan Burns · Senior Vice President of InvestmentsFind on LinkedIn
- Mr. Paul Burton Morgan · Senior Vice President of Portfolio Strategy & AnalyticsFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.3 on a −2 to +2 scale (was −0.4 before the debate changed the read).
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
Mixed (-0.3 of a possible +2; confidence high). Revenues edged up from $ 469,833,000 in the quarter ended 30 June 2025 (Q2 2025) to $ 473,303,000 in the quarter ended 30 September 2025 (Q3 2025), then to $ 484,756,000 in fiscal Q1 2026, ended 2026-04-22, and to $ 489,049,000 in fiscal Q2 2026, ended 2026-07-23. Gross profit followed a similar pattern, rising to $ 345,709,000 in fiscal Q2 2026 after a mid-sequence dip, while operating income fell steadily from $ 279,700,000 (quarter ended 30 June 2025) to $ 109,373,000 (fiscal Q2 2026, ended 2026-07-23) and diluted EPS declined sequentially from $ 3.44 to $ 0.97 over the same span.
Balance-sheet and market evidence is mixed but intact: reported long‑term debt was $ 6,386,526,000 as of 30 June 2026 after peaking at $ 6,836,802,000 as of 31 March 2026; cash and equivalents were $ 58,327,000 as of 2026-06-30; the trailing twelve‑month P/E is 31.25 on EPS ttm of 8.62, EV/EBITDA is 17.68 on EBITDA ttm of $ 1,336,927,000, and the trailing twelve‑month dividend yield is + 3.84% (86th percentile of an 882-stock universe). Market technicals show low sensitivity to SPY (beta 0.15, correlation 0.10), low short-term volatility (90‑day annualized 18.9%, volatility rank 14th percentile), a golden cross aged 104 days, and mixed momentum (3‑month − 9.4%, 6‑month + 8.0%).
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Revenues rose modestly from $469,833,000 in the quarter ended 30 June 2025 to $473,303,000 in the quarter ended 30 September 2025 to $484,756,000 in fiscal Q1 2026, ended 31 March 2026, and to $489,049,000 in fiscal Q2 2026, ended 30 June 2026.
XBRL companyfacts · 0000920522-26-000022Gross profit moved from $332,181,000 in the quarter ended 30 June 2025 to $327,506,000 in the quarter ended 30 September 2025, then increased to $341,187,000 in fiscal Q1 2026, ended 31 March 2026, and to $345,709,000 in fiscal Q2 2026, ended 30 June 2026.
XBRL companyfacts · 0000920522-26-000022Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
The 10-K filed 20 February 2026 added a risk that the Company may be affected by the appeal and desirability of its communities to tenants relative to other housing alternatives, including cost, size and amenity offerings, safety and location convenience, and the Companys technology offerings.
10-K filed 2026-02-20The 10-K filed 20 February 2026 added language highlighting risk that governments interest in eviction moratoria and strict housing controls following the COVID-19 pandemic could require the Company to restructure tenants rent obligations or otherwise impede its ability to collect rent or recover operating expense increases.
10-K filed 2026-02-20Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
As of 2026-10-14, ESS shows low market sensitivity with beta to SPY of 0.15 and correlation to SPY of 0.10.
Moneyta signal set · 2026-10-14As of 2026-10-14, ESS has a trailing twelve-month dividend yield of +3.84% and its dividend yield ranks at the 86th percentile of a 882-stock research universe.
Moneyta signal set · 2026-10-14Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
Institutional 13F-reported aggregate holdings in ESS totaled "$16.44B" as of the reporting period 2026-06-30.
13F holdings · 635 filers · as of 2026-06-30BlackRock, Inc. was the largest reported 13F holder with "$2.17B" in ESS and its reported ESS position rose 23.4% quarter-over-quarter in the 13F period ending 2026-06-30.
13F holdings · 635 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
Several recent headlines focus on Essex Property Trust’s income and valuation profile, including pieces titled 'Essex Property’s 3.8% Dividend Yield Meets a Demanding Valuation' and 'Essex Property Trust (ESS) Could Be 11% Undervalued As Supply Stays Tight'.
News · insidermonkey.com · 2026-10-14The same dividend/valuation theme appears in at least two distinct outlets or syndications: the InsiderMonkey item with that title and a version carrying the same headline on Yahoo Finance.
News · finance.yahoo.com · 2026-10-14Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
No insider transactions on file in the trailing 180 days.
Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The share price used in this analysis is 269.37 and the market capitalization is 17,311,989,413 as of the price date 2026-10-14.
Valuation inputs · SEC XBRL + stored EOD closeThe trailing twelve-month price-to-earnings ratio is 31.25 based on EPS ttm of 8.62.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
Sequential top-line and gross-profit growth across four reported quarters is documented in SEC filings and is a solid, directly reported data point (evidence strength: strong). Trailing twelve‑month net cash provided by operating activities of $1.16B alongside meaningful non‑cash depreciation (evidence strength: strong) indicates operating cash generation that contrasts with the sequential operating‑income and EPS declines also reported (evidence strength: strong). Market and ownership signals — low beta and low short‑term volatility, a relatively high dividend yield (86th percentile), and large institutional holdings with reported position increases by major firms (evidence strength: moderate–strong) — collectively support a favorable read on investor appetite and income profile. While operating income, EPS, and EV/EBITDA metrics raise legitimate concerns (evidence strength: strong for the declines; moderate for the valuation multiple), the combination of revenue/gross‑profit resilience, robust operating cash flow, attractive yield, low market sensitivity, and concentrated institutional ownership jointly support a favorable informational interpretation of the company’s current profile (evidence strength summary: mixed but with several strong supporting data points).
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.38
35 surviving claims rest on 13 distinct sources; the heaviest analyst carries 20% of them, and 99% of what the desk raised survived the debate.
The surviving set draws on a moderate breadth of sources but a meaningful share of claims trace back to a few analysts and documents, so the read carries some concentrated dependency risk. The very high survival rate through debate indicates internal consistency (low editorial churn), but that also raises the possibility the desk’s views reflected a common interpretation rather than being stress-tested by divergent evidence.
Peer context · computed, not argued
12-1 momentum ranks 1st of 6 in REIT—Residential (as of 2026-10-14).
90-day volatility ranks 4th of 6 in REIT—Residential (as of 2026-10-14).
dividend yield ranks 4th of 4 in REIT—Residential (as of 2026-10-14).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
11 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer−0.4 to the score
7 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−1.0 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash+0.7 to the score
2 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+1.0 to the score
8 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on ESS Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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