On 12 Nov 2026 our base value for Essex Property Trust is $281.14 a share, 3.4% above its $271.80 close; 1 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $281.14 | +3.4% | funds from operations $19.81 a share (FY2025) at its own 5-year median of 14.2× (today 13.7×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $515.69m | $520.07m | $1.04bn | 65.09m | $15.91 | $352.23 | 22.1× |
| 2022 | $432.99m | $539.32m | $972.30m | 65.10m | $14.94 | $211.92 | 14.2× |
| 2023 | $430.71m | $548.44m | $979.15m | 64.25m | $15.24 | $247.94 | 16.3× |
| 2024 | $811.31m | $580.22m | $1.39bn | 64.25m | $21.66 | $285.44 | 13.2× |
| 2025 | $669.67m | $607.54m | $1.28bn | 64.46m | $19.81 | $261.68 | 13.2× |
| Median P/FFO | 14.2× |
| Latest FFO per share (FY2025) | $19.81 |
| Value per share = median × latest FFO per share | $281.14 |
For a REIT the base value is the price-to-FFO value: $281.14 a share.
Bear $261.68 · Base $281.14 · Bull $322.39 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 64% chance the price is higher than today's $271.80 in a year, from 19.11% volatility. The simulation assumes the price drifts up at our discount rate of 9% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $268.65 | $282.72 |
| 9 Oct 2026 | $271.57 | $281.14 |
| 16 Oct 2026 | $269.43 | $281.14 |
| 23 Oct 2026 | $278.35 | $281.14 |
| 30 Oct 2026 | $264.18 | $281.14 |
| 6 Nov 2026 | $272.18 | $281.14 |
| 12 Nov 2026 | $271.80 | $281.14 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
Run a full Desk Run on ESS · Essex Property Trust company page · Call and put prices