Analyst Consensus ?
ConsensusHold45 ratings
Bullish1737.8%
Neutral2453.3%
Bearish48.9%
1 unmapped firm rating excluded from the percentages.
Essex Property Trust, Inc. · ESS · FY2025 Q4 · Calendar Q1 2026
Essex Property Trust: Supply constraints support demand; outlook maintained
The current analysis supports a constructive operating view: constrained housing supply, improving occupancy, and selected technology-sector demand provide support, while management's maintained outlook and disciplined acquisition strategy reinforce that view. The thesis remains conditional on employment trends, regulation, and capital-allocation execution.
Reported After market closeNYSEReal Estate
$17.60B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.98
Consensus $1.46
EPS surprise
+172.6%
Reported versus consensus
Reported revenue
$477.3M
Consensus $474.0M
Revenue surprise
+0.7%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-0.4%
Event window
SPY move
-1.2%
Same window
Abnormal move
+0.8%
Stock minus SPY
Volume
2.0×
Versus trailing sessions
Subsequent drift
+1.4%
Up to 20 sessions
ESSSPY benchmark
Ask FN2 about ESS FY2025 Q4
Transcript, numbers and history already loaded
Why did ESS fall 0.4% after beating EPS estimates in FY2025 Q4?What changed in ESS's guidance and outlook in FY2025 Q4?Give me the bull and bear case for ESS after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Relative to the prior-quarter analysis, the current call kept the outlook intact and placed greater emphasis on fee-simple acquisitions, technology-enabled operating initiatives, and the expected reduction of structured-finance redemption pressure.
Guidance delta
Management maintained its outlook, with the structured-finance redemption headwind expected to ease as the book is reduced.
Key takeaways
- Operating performance benefited from limited new housing supply, improved occupancy, and lower concessions.
- Northern California remains the main acquisition focus, while management is avoiding new development starts in the near term.
- Management cited technology-sector activity and return-to-office trends as demand supports in select West Coast markets.
- The investment case still depends on employment, rent growth, regulatory conditions, and disciplined capital deployment.
Management priorities
- Pursue fee-simple acquisitions in Northern California.
- Evaluate opportunistic acquisitions and selective buybacks.
- Advance technology pilots for leasing and expense management.
- Maintain disciplined capital deployment while monitoring future development economics.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$273.93Previous close
$250Low
$304.07Average
$375High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Evercore ISI Group | Outperform | Outperform | Maintain | Sep 21, 2026 |
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 17, 2026 |
| Mizuho | Neutral | Outperform | Downgrade | Sep 8, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Aug 17, 2026 |
| JP Morgan | Underweight | Underweight | Maintain | Aug 14, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 3, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Citizens | Market Outperform | Market Perform | Upgrade | Jul 31, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jul 22, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jul 21, 2026 |
| Raymond James | Outperform | Market Perform | Upgrade | Jun 26, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jun 25, 2026 |
| Truist Securities | Hold | Hold | Maintain | May 27, 2026 |
| UBS | Neutral | Neutral | Maintain | May 14, 2026 |
| Stifel | Hold | Hold | Maintain | Apr 29, 2026 |
| Baird | Neutral | Neutral | Maintain | Mar 2, 2026 |
| BMO Capital | Market Perform | Outperform | Downgrade | Jan 9, 2026 |
| Jefferies | Hold | Buy | Downgrade | Dec 16, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Feb 6, 2025 |
| Deutsche Bank | Buy | Hold | Upgrade | Jan 21, 2025 |
| B of A Securities | Neutral | Buy | Downgrade | Sep 24, 2024 |
| Wedbush | Neutral | Neutral | Maintain | Aug 5, 2024 |
| Citigroup | Neutral | Buy | Downgrade | Sep 8, 2023 |
| Wolfe Research | Underperform | Peer Perform | Downgrade | May 15, 2023 |
| Keybanc | Overweight | Downgrade | Dec 14, 2022 | |
| Janney Montgomery Scott | Neutral | Buy | Downgrade | Dec 14, 2022 |
| Goldman Sachs | Buy | Buy | Maintain | Nov 14, 2022 |
| Credit Suisse | Underperform | Underperform | Maintain | Jun 23, 2022 |
| BTIG | Neutral | Buy | Downgrade | May 19, 2021 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | May 27, 2020 |
| BTIG Research | Neutral | Buy | Downgrade | Nov 25, 2019 |
| Sandler O'Neill | Buy | Hold | Upgrade | Nov 18, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 26, 2019 |
| Janney Capital | Buy | Neutral | Upgrade | Dec 20, 2018 |
| Capital One Financial | Equal Weight | Equal Weight | Maintain | Oct 22, 2018 |
| Bank of America | Buy | Buy | Maintain | Jun 8, 2018 |
| Capital One | Overweight | Equal Weight | Upgrade | May 16, 2016 |
| Zelman | Sell | Hold | Downgrade | Jan 27, 2016 |
| Cowen & Co. | Perform | Market Perform | Maintain | Jan 12, 2016 |
| BB&T Capital | Buy | Buy | Maintain | Nov 10, 2015 |
| Canaccord Genuity | Hold | Hold | Maintain | Nov 3, 2015 |
| DA Davidson | Neutral | Neutral | Maintain | Apr 8, 2015 |
| McNicoll Lewis Vlak | Hold | Hold | Maintain | Dec 20, 2013 |
| Compass Point | Neutral | Neutral | Maintain | Nov 5, 2013 |
| ISI Group | Buy | Neutral | Upgrade | Oct 7, 2013 |
| Imperial Capital | Outperform | Outperform | Maintain | Feb 4, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $273.93. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Evercore ISI | Analyst unavailable | $299 | $269.07 | +9.2% | Sep 21, 2026 |
| Scotiabank | Analyst unavailable | $293 | $272.5 | +7.0% | Sep 17, 2026 |
| UBS | Ami Probandt | $286 | $275.73 | +4.4% | Sep 15, 2026 |
| Mizuho Securities | Analyst unavailable | $295 | $278.61 | +7.7% | Sep 8, 2026 |
| Deutsche Bank | Analyst unavailable | $325 | $286.1 | +18.6% | Aug 18, 2026 |
| Cantor Fitzgerald | Richard Anderson | $316 | $288.1 | +15.4% | Aug 3, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $330 | $281.86 | +20.5% | Jul 31, 2026 |
| Evercore ISI | Analyst unavailable | $303 | $284.39 | +10.6% | Jul 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $292.75 | $296.8 | +6.9% | Jul 30, 2026 |
| Wells Fargo | James Feldman | $297 | $294.01 | +8.4% | Jul 22, 2026 |
| Piper Sandler | Analyst unavailable | $352 | $293.83 | +28.5% | Jul 21, 2026 |
| Deutsche Bank | Analyst unavailable | $330 | $293.83 | +20.5% | Jul 20, 2026 |
| Barclays | Richard Hightower | $296 | $297.48 | +8.1% | Jul 14, 2026 |
| Scotiabank | Analyst unavailable | $307 | $293.76 | +12.1% | Jul 9, 2026 |
| Raymond James | Buck Horne | $320 | $285.57 | +16.8% | Jun 26, 2026 |
| Morgan Stanley | Analyst unavailable | $302 | $283.42 | +10.2% | Jun 25, 2026 |
| UBS | Analyst unavailable | $290 | $276.91 | +5.9% | Jun 18, 2026 |
| Mizuho Securities | Analyst unavailable | $308 | $284.78 | +12.4% | Jun 10, 2026 |
| Evercore ISI | Analyst unavailable | $296 | $285.42 | +8.1% | Jun 8, 2026 |
| Evercore ISI | Steve Sakwa | $295 | $272.64 | +7.7% | Jun 1, 2026 |
| Truist Financial | Analyst unavailable | $286 | $278.81 | +4.4% | May 27, 2026 |
| Morgan Stanley | Analyst unavailable | $293 | $266.83 | +7.0% | May 15, 2026 |
| Scotiabank | Analyst unavailable | $282 | $269.75 | +2.9% | May 14, 2026 |
| UBS | Michael Goldsmith | $278 | $269.94 | +1.5% | May 14, 2026 |
| Barclays | Analyst unavailable | $277 | $263.55 | +1.1% | May 11, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $291 | $263.35 | +6.2% | May 4, 2026 |
| Piper Sandler | Analyst unavailable | $310 | $263.35 | +13.2% | May 4, 2026 |
| RBC Capital | Brad Heffern | $288 | $262.58 | +5.1% | Apr 30, 2026 |
| Barclays | Richard Hightower | $272 | $255.37 | -0.7% | Apr 27, 2026 |
| Stifel Nicolaus | Analyst unavailable | $278 | $250.96 | +1.5% | Feb 5, 2026 |
| Barclays | Analyst unavailable | $292 | $249.14 | +6.6% | Jan 13, 2026 |
| BMO Capital | John Kim | $280 | $256.95 | +2.2% | Jan 9, 2026 |
| UBS | Michael Goldsmith | $274 | $251.06 | +0.0% | Jan 8, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $290 | $256.89 | +5.9% | Jan 5, 2026 |
| Truist Financial | Michael Lewis | $273 | $254.66 | -0.3% | Dec 16, 2025 |
| Jefferies | Linda Tsai | $282 | $259.34 | +2.9% | Dec 15, 2025 |
| Barclays | Richard Hightower | $290 | $260.25 | +5.9% | Nov 25, 2025 |
| Mizuho Securities | Analyst unavailable | $284 | $261.2 | +3.7% | Nov 24, 2025 |
| Evercore ISI | Steve Sakwa | $271 | $247.64 | -1.1% | Nov 3, 2025 |
| Evercore ISI | Analyst unavailable | $279 | $255.86 | +1.9% | Oct 13, 2025 |
| Wells Fargo | James Feldman | $280 | $255.86 | +2.2% | Oct 13, 2025 |
| Cantor Fitzgerald | Analyst unavailable | $300 | $267.66 | +9.5% | Oct 1, 2025 |
| Barclays | Richard Hightower | $297 | $266.22 | +8.4% | Sep 30, 2025 |
| Truist Financial | Michael Lewis | $283 | $251.68 | +3.3% | Aug 12, 2025 |
| Scotiabank | Analyst unavailable | $309 | $257.36 | +12.8% | Aug 5, 2025 |
| Scotiabank | Nicholas Yulico | $320 | $284.46 | +16.8% | Jun 13, 2025 |
| RBC Capital | Brad Heffern | $309 | $284.47 | +12.8% | May 1, 2025 |
| BMO Capital | John Kim | $310 | $270.06 | +13.2% | Jan 13, 2025 |
| RBC Capital | Brad Heffern | $302 | $270.06 | +10.2% | Jan 9, 2025 |
| Bank of America Securities | Joshua Dennerlein | $321 | $309.65 | +17.2% | Sep 24, 2024 |
| Goldman Sachs | Julien Blouin | $318 | $302.69 | +16.1% | Sep 4, 2024 |
| Truist Financial | Mike Lewis | $294 | $294.62 | +7.3% | Aug 26, 2024 |
| Piper Sandler | Alexander Goldfarb | $355 | $296.09 | +29.6% | Aug 26, 2024 |
| Piper Sandler | Alexander Goldfarb | $315 | $273.38 | +15.0% | Jun 28, 2024 |
| Scotiabank | Nicholas Yulico | $285 | $277.2 | +4.0% | Jun 14, 2024 |
| Mizuho Securities | Robert Stevenson | $266 | $252.91 | -2.9% | May 30, 2024 |
| Robert W. Baird | Amanda Sweitzer | $264 | $259.4 | -3.6% | May 28, 2024 |
| Morgan Stanley | Adam Kramer | $250 | $260.56 | -8.7% | May 14, 2024 |
| Truist Financial | Michael Lewis | $255 | $243.5 | -6.9% | Apr 9, 2024 |
| Truist Financial | Mike Lewis | $259 | $241.41 | -5.5% | Mar 28, 2024 |
| Raymond James | Buck Horne | $265 | $237.6 | -3.3% | Mar 18, 2024 |
| Mizuho Securities | Robert Stevenson | $250 | $232.66 | -8.7% | Feb 28, 2024 |
| Stifel Nicolaus | Simon Yarmak | $250 | $239.05 | -8.7% | Jul 18, 2023 |
| Scotiabank | Nicholas Yulico | $240 | $212.27 | -12.4% | Apr 18, 2023 |
| Wells Fargo | James Feldman | $208 | $204.18 | -24.1% | Mar 31, 2023 |
| J.P. Morgan | Analyst unavailable | $267 | $218.26 | -2.5% | Dec 16, 2022 |
| UBS | Analyst unavailable | $226 | $220.94 | -17.5% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $242 | $219.35 | -11.7% | Dec 2, 2022 |
| Truist Financial | Analyst unavailable | $247 | $214.57 | -9.8% | Nov 30, 2022 |
| Scotiabank | Nicholas Yulico | $211 | $210.46 | -23.0% | Nov 29, 2022 |
| Goldman Sachs | Analyst unavailable | $252 | $210.47 | -8.0% | Nov 14, 2022 |
| Truist Financial | Analyst unavailable | $324 | $286.83 | +18.3% | Aug 22, 2022 |
| Mizuho Securities | Analyst unavailable | $273 | $261.75 | -0.3% | Jun 27, 2022 |
| Truist Financial | Analyst unavailable | $299 | $259.44 | +9.2% | Jun 24, 2022 |
| Stifel Nicolaus | Analyst unavailable | $352 | $277.36 | +28.5% | Jun 9, 2022 |
| Truist Financial | Analyst unavailable | $323 | $279.9 | +17.9% | May 25, 2022 |
| RBC Capital | Analyst unavailable | $375 | $339.77 | +36.9% | Apr 28, 2022 |
| KeyBanc | Jordan Sadler | $371 | $345.64 | +35.4% | Jan 13, 2022 |
| Scotiabank | Nicholas Yulico | $338 | $338.03 | +23.4% | Dec 16, 2021 |
| Citigroup | Nicholas Joseph | $370 | $348.22 | +35.1% | Dec 13, 2021 |
| Stifel Nicolaus | Simon Yarmak | $390 | $340.79 | +42.4% | Dec 7, 2021 |
| J.P. Morgan | Anthony Paolone | $363 | $338.24 | +32.5% | Dec 6, 2021 |
| Wells Fargo | Tammi Fique | $345 | $340.97 | +25.9% | Nov 22, 2021 |
| Evercore ISI | Steve Sakwa | $381 | $330.83 | +39.1% | Oct 25, 2021 |
| Goldman Sachs | Chandni Luthra | $325 | $324.77 | +18.6% | Sep 23, 2021 |
| Piper Sandler | Alexander Goldfarb | $390 | $330.07 | +42.4% | Sep 1, 2021 |
Track every rating change on ESS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationEssex Property Trust, Inc., a prominent S&P 500 constituent, operates as a vertically integrated real estate investment trust (REIT). The company focuses on the purchase, construction, renovation, and ongoing management of residential apartment complexes across select West Coast regions. Currently, Essex maintains ownership interests in 246 apartment communities, offering a total of roughly 60,000 homes, with an additional six properties actively advancing through various stages of development.
Historical context
All ESS earningsLatest beats and misses
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Get the ESS recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-09-30T10:36:06.027343+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T10:36:06.024526+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.