ESS - Essex Property Trust: The Buying Window Has Now Closed
2024-06-12 07:30:00 ET
Summary
- Shares of Essex Property Trust have significantly outperformed the broader market since my previous article.
- The residential real estate investment trust topped the analyst consensus for revenue and core FFO per share in Q1.
- ESS maintains a robust financial position.
- Shares of the REIT could be priced at a 7% discount to fair value.
- ESS could deliver 20% cumulative total returns through 2026, which isn't enough for me to justify a buy rating.
Those who have followed my work on Seeking Alpha over the years know that I am data-driven. This includes analyses of companies' operating fundamentals and valuation.
Sentiment may matter in the near term. However, I believe that fundamentals (dividend yield, growth rates, and balance sheet quality) and valuation are the driving forces of long-term returns....
Essex Property Trust: The Buying Window Has Now Closed