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Essex Property Trust Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Essex Property Trust has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Essex Property Trust's Piotroski F-Score or its related term are showing as below:

ESS' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 5   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of Essex Property Trust was 8. The lowest was 3. And the median was 5.


Essex Property Trust Piotroski F-Score Historical Data

The historical data trend for Essex Property Trust's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Essex Property Trust Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 6.00 6.00 6.00 5.00

Essex Property Trust Quarterly Data
Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 5.00 5.00 4.00 5.00

Competitive Comparison

For the REIT - Residential subindustry, Essex Property Trust's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Essex Property Trust Piotroski F-Score Distribution

For the REITs industry and Real Estate sector, Essex Property Trust's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Essex Property Trust's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun22) TTM:Last Year (Jun21) TTM:
Net Income was 118.39 + 136.874 + 73.254 + 57.054 = $386 Mil.
Cash Flow from Operations was 271.806 + 205.382 + 315.143 + 194.402 = $987 Mil.
Revenue was 362.857 + 371.596 + 381.905 + 399.978 = $1,516 Mil.
Gross Profit was 238.458 + 250.572 + 255.633 + 276.282 = $1,021 Mil.
Average Total Assets from the begining of this year (Jun21)
to the end of this year (Jun22) was
(12747.199 + 12788.641 + 12997.873 + 12770.301 + 12558.011) / 5 = $12772.405 Mil.
Total Assets at the begining of this year (Jun21) was $12,747 Mil.
Long-Term Debt & Capital Lease Obligation was $6,016 Mil.
Total Current Assets was $446 Mil.
Total Current Liabilities was $416 Mil.
Net Income was 73.661 + 95.745 + 168.444 + 64.846 = $403 Mil.

Revenue was 370.811 + 362.073 + 355.125 + 350.978 = $1,439 Mil.
Gross Profit was 249.797 + 242.798 + 235.699 + 234.38 = $963 Mil.
Average Total Assets from the begining of last year (Jun20)
to the end of last year (Jun21) was
(13177.411 + 13401.042 + 12936.177 + 12790.204 + 12747.199) / 5 = $13010.4066 Mil.
Total Assets at the begining of last year (Jun20) was $13,177 Mil.
Long-Term Debt & Capital Lease Obligation was $6,118 Mil.
Total Current Assets was $526 Mil.
Total Current Liabilities was $420 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Essex Property Trust's current Net Income (TTM) was 386. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Essex Property Trust's current Cash Flow from Operations (TTM) was 987. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun21)
=385.572/12747.199
=0.03024759

ROA (Last Year)=Net Income/Total Assets (Jun20)
=402.696/13177.411
=0.03055957

Essex Property Trust's return on assets of this year was 0.03024759. Essex Property Trust's return on assets of last year was 0.03055957. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Essex Property Trust's current Net Income (TTM) was 386. Essex Property Trust's current Cash Flow from Operations (TTM) was 987. ==> 987 > 386 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun21 to Jun22
=6015.999/12772.405
=0.47101536

Gearing (Last Year: Jun21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun20 to Jun21
=6117.511/13010.4066
=0.47020137

Essex Property Trust's gearing of this year was 0.47101536. Essex Property Trust's gearing of last year was 0.47020137. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun22)=Total Current Assets/Total Current Liabilities
=446.072/416.204
=1.07176289

Current Ratio (Last Year: Jun21)=Total Current Assets/Total Current Liabilities
=526.297/419.891
=1.25341339

Essex Property Trust's current ratio of this year was 1.07176289. Essex Property Trust's current ratio of last year was 1.25341339. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Essex Property Trust's number of shares in issue this year was 65.29. Essex Property Trust's number of shares in issue last year was 65.081. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1020.945/1516.336
=0.67329734

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=962.674/1438.987
=0.66899423

Essex Property Trust's gross margin of this year was 0.67329734. Essex Property Trust's gross margin of last year was 0.66899423. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun21)
=1516.336/12747.199
=0.11895445

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun20)
=1438.987/13177.411
=0.10920104

Essex Property Trust's asset turnover of this year was 0.11895445. Essex Property Trust's asset turnover of last year was 0.10920104. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+0+1+1
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Essex Property Trust has an F-score of 5 indicating the company's financial situation is typical for a stable company.

Essex Property Trust  (NYSE:ESS) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Essex Property Trust Piotroski F-Score Related Terms

Thank you for viewing the detailed overview of Essex Property Trust's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Essex Property Trust Business Description

Essex Property Trust logo
Address
1100 Park Place, Suite 200, San Mateo, CA, USA, 94403
Essex Property Trust owns a portfolio of 253 apartment communities with over 62,000 units and is developing three additional properties with 571 units. The company focuses on owning large, high-quality properties on the West Coast in the urban and suburban submarkets of Southern California, Northern California, and Seattle.
Executives
Pak Barbara officer: Executive Vice President & CFO C/O ESSEX PROPERTY TRUST, INC. 1100 PARK PLACE, SUITE 200 SAN MATEO CA 94403
Hawthorne Maria R director 701 WESTERN AVENUE GLENDALE CA 91201
Berry Adam W officer: Co-Chief Investment Officer C/O ESSEX PROPERTY TRUST, INC. 1100 PARK PLACE, SUITE 200 SAN MATEO CA 94403
Kasaris Mary director C/O ESSEX PROPERTY TRUST, INC. 1100 PARK PLACE, SUITE 200 SAN MATEO CA 94403
Johnson Amal M director C/O MELLANOX TECHNOLOGIES, INC. 350 OAKMEAD PARKWAY, SUITE 100 SUNNYVALE CA 94085
Farias John officer: Group Vice President and CAO C/O ESSEX PROPERTY TRUST, INC 1100 PARK PLACE, SUITE 200 SAN MATEO CA 94403
Kleiman Angela L. officer: Executive Vice President & CFO 1100 PARK PLACE SUITE 200 SAN MATEO CA 94403
Robinson Thomas E director 309 GARRISON FOREST ROAD OWNINGS MILLS MD 21117
Lyons Irving F Iii director C/O ESSEX PROPERTY TRUST, INC. 925 E. MEADOW DRIVE PALO ALTO CA 94303
Sullivan Thomas P. director 525 MARKET STREET, 4TH FLOOR SAN FRANCISCO CA 94133
Scordelis Byron A director
Zinngrabe Claude J. Jr. director 925 EAST MEADOW DRIVE PALO ALTO CA 94303
Sears Janice L. director 1100 PARK PLACE SUITE 200 SAN MATEO CA 94403
Alexander Erik J. officer: Senior Vice President 925 EAST MEADOW DRIVE PALO ALTO CA 94303
Burkart John F. officer: Executive Vice President C/O ESSEX PROPERTY TRUST INC. 1100 PARK PLACE, SUITE 200 SAN MATEO CA 94403

Essex Property Trust Headlines

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