Subtext

Essex Property Trust, Inc. ESS

SectorReal Estate
Transcripts45
Date range2014-05-11 – 2025-04-30
Calls charted45

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-14-7+0+7+142014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1 · Overall: +6.62014 Q2 · Overall: +11.32014 Q3 · Overall: +10.62014 Q4 · Overall: +5.32015 Q1 · Overall: +6.02015 Q2 · Overall: +12.22015 Q3 · Overall: +2.82015 Q4 · Overall: -1.72016 Q1 · Overall: +1.32016 Q2 · Overall: -2.42016 Q3 · Overall: -0.12016 Q4 · Overall: -0.32017 Q1 · Overall: -5.12017 Q2 · Overall: -0.72017 Q3 · Overall: -3.12017 Q4 · Overall: +1.52018 Q1 · Overall: -0.42018 Q2 · Overall: -1.22018 Q3 · Overall: -2.22018 Q4 · Overall: -2.72019 Q1 · Overall: +1.42019 Q2 · Overall: +2.92019 Q3 · Overall: +1.72019 Q4 · Overall: +0.62020 Q1 · Overall: -6.52020 Q2 · Overall: -5.32020 Q3 · Overall: -3.72020 Q4 · Overall: -3.72021 Q1 · Overall: +1.62021 Q2 · Overall: +0.82021 Q3 · Overall: -0.62021 Q4 · Overall: -0.92022 Q1 · Overall: +3.42022 Q2 · Overall: +1.52022 Q3 · Overall: -4.12022 Q4 · Overall: -3.72023 Q1 · Overall: -3.32023 Q2 · Overall: +2.92023 Q3 · Overall: -1.72023 Q4 · Overall: -3.92024 Q1 · Overall: -3.22024 Q2 · Overall: +4.32024 Q3 · Overall: +5.62024 Q4 · Overall: +3.62025 Q1 · Overall: +2.5
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-26-13+0+13+262014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1 · CEO: +7.22014 Q2 · CEO: +7.62014 Q3 · CEO: +9.62014 Q4 · CEO: +8.72015 Q1 · CEO: +6.02015 Q2 · CEO: +10.42015 Q3 · CEO: -2.02015 Q4 · CEO: -1.52016 Q1 · CEO: +4.32016 Q2 · CEO: +0.82016 Q3 · CEO: +1.02016 Q4 · CEO: -2.32017 Q1 · CEO: -5.72017 Q2 · CEO: -1.32017 Q3 · CEO: -3.92017 Q4 · CEO: +3.72018 Q1 · CEO: +1.62018 Q2 · CEO: -1.62018 Q3 · CEO: +0.92018 Q4 · CEO: +0.02019 Q1 · CEO: +6.32019 Q2 · CEO: +4.52019 Q3 · CEO: +4.02019 Q4 · CEO: +2.82020 Q1 · CEO: -3.62020 Q2 · CEO: -5.32020 Q3 · CEO: +1.92020 Q4 · CEO: -0.52021 Q1 · CEO: +3.22021 Q2 · CEO: +0.52021 Q3 · CEO: +3.52021 Q4 · CEO: +0.72022 Q1 · CEO: +5.02022 Q2 · CEO: -2.02022 Q3 · CEO: -4.72022 Q4 · CEO: +0.62023 Q1 · CEO: +1.32023 Q2 · CEO: +14.92023 Q3 · CEO: -4.52023 Q4 · CEO: +0.42024 Q4 · CEO: +5.72025 Q1 · CEO: +3.32014 Q1 · CFO: +3.12014 Q2 · CFO: +14.32014 Q3 · CFO: +3.92014 Q4 · CFO: +16.52015 Q1 · CFO: +9.32015 Q2 · CFO: +22.62015 Q3 · CFO: +15.82015 Q4 · CFO: +9.82016 Q1 · CFO: +13.22016 Q2 · CFO: +13.72016 Q3 · CFO: +10.52016 Q4 · CFO: +8.72017 Q1 · CFO: +2.32017 Q2 · CFO: +2.62017 Q3 · CFO: +3.22017 Q4 · CFO: +7.92018 Q1 · CFO: +7.12018 Q2 · CFO: +3.62018 Q3 · CFO: +5.5
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-29-14+0+14+292014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1 · Prepared remarks: +16.92014 Q2 · Prepared remarks: +22.42014 Q3 · Prepared remarks: +17.12014 Q4 · Prepared remarks: +16.62015 Q1 · Prepared remarks: +19.62015 Q2 · Prepared remarks: +24.92015 Q3 · Prepared remarks: +3.72015 Q4 · Prepared remarks: +6.52016 Q1 · Prepared remarks: +13.42016 Q2 · Prepared remarks: +8.22016 Q3 · Prepared remarks: +10.62016 Q4 · Prepared remarks: +8.62017 Q1 · Prepared remarks: -1.92017 Q2 · Prepared remarks: -0.92017 Q3 · Prepared remarks: -6.72017 Q4 · Prepared remarks: +0.02018 Q1 · Prepared remarks: +1.42018 Q2 · Prepared remarks: +3.92018 Q3 · Prepared remarks: +2.92018 Q4 · Prepared remarks: +4.92019 Q1 · Prepared remarks: +6.32019 Q2 · Prepared remarks: +12.32019 Q3 · Prepared remarks: +8.52019 Q4 · Prepared remarks: +7.52020 Q1 · Prepared remarks: -8.72020 Q2 · Prepared remarks: -11.42020 Q3 · Prepared remarks: -14.92020 Q4 · Prepared remarks: -9.42021 Q1 · Prepared remarks: +1.72021 Q2 · Prepared remarks: +10.92021 Q3 · Prepared remarks: +7.22021 Q4 · Prepared remarks: +6.12022 Q1 · Prepared remarks: +16.02022 Q2 · Prepared remarks: +11.52022 Q3 · Prepared remarks: +3.92022 Q4 · Prepared remarks: +8.12023 Q1 · Prepared remarks: +4.52023 Q2 · Prepared remarks: +18.42023 Q3 · Prepared remarks: +10.52023 Q4 · Prepared remarks: +13.02024 Q1 · Prepared remarks: +11.62024 Q2 · Prepared remarks: +22.12024 Q3 · Prepared remarks: +16.62024 Q4 · Prepared remarks: +16.42025 Q1 · Prepared remarks: +18.72014 Q1 · Q&A responses: +5.22014 Q2 · Q&A responses: +8.02014 Q3 · Q&A responses: +7.02014 Q4 · Q&A responses: +5.02015 Q1 · Q&A responses: +4.72015 Q2 · Q&A responses: +7.92015 Q3 · Q&A responses: +3.52015 Q4 · Q&A responses: +0.32016 Q1 · Q&A responses: +2.52016 Q2 · Q&A responses: -0.22016 Q3 · Q&A responses: +0.02016 Q4 · Q&A responses: -3.12017 Q1 · Q&A responses: -2.12017 Q2 · Q&A responses: +0.92017 Q3 · Q&A responses: +0.22017 Q4 · Q&A responses: +7.22018 Q1 · Q&A responses: +3.52018 Q2 · Q&A responses: -3.12018 Q3 · Q&A responses: +1.52018 Q4 · Q&A responses: +1.22019 Q1 · Q&A responses: +6.22019 Q2 · Q&A responses: +3.72019 Q3 · Q&A responses: +4.02019 Q4 · Q&A responses: -2.12020 Q1 · Q&A responses: -1.12020 Q2 · Q&A responses: +0.02020 Q3 · Q&A responses: +5.72020 Q4 · Q&A responses: +0.22021 Q1 · Q&A responses: +2.62021 Q2 · Q&A responses: +0.02021 Q3 · Q&A responses: +0.42021 Q4 · Q&A responses: -0.82022 Q1 · Q&A responses: +1.32022 Q2 · Q&A responses: -2.12022 Q3 · Q&A responses: -3.62022 Q4 · Q&A responses: -3.02023 Q1 · Q&A responses: +1.82023 Q2 · Q&A responses: +1.92023 Q3 · Q&A responses: +1.12023 Q4 · Q&A responses: -6.82024 Q1 · Q&A responses: +3.62024 Q2 · Q&A responses: +5.52024 Q3 · Q&A responses: +6.92024 Q4 · Q&A responses: +5.12025 Q1 · Q&A responses: +2.2
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$2.10$4.69$7.282014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1: $2.732014 Q2: $3.122014 Q3: $2.462014 Q4: $2.562015 Q1: $2.502015 Q2: $3.022015 Q3: $3.162015 Q4: $3.562016 Q1: $3.542016 Q2: $4.012016 Q3: $4.412016 Q4: $4.452017 Q1: $4.242017 Q2: $5.292017 Q3: $4.952017 Q4: $4.602018 Q1: $4.832018 Q2: $4.902018 Q3: $5.042018 Q4: $4.972019 Q1: $5.162019 Q2: $5.622019 Q3: $5.892019 Q4: $5.782020 Q1: $5.822020 Q2: $6.292020 Q3: $5.082020 Q4: $4.292021 Q1: $3.882021 Q2: $4.622021 Q3: $5.102021 Q4: $5.112022 Q1: $5.422022 Q2: $5.352022 Q3: $6.272022 Q4: $5.832023 Q1: $5.672023 Q2: $6.022023 Q3: $6.202023 Q4: $5.932024 Q1: $5.422024 Q2: $6.922024 Q3: $6.65

Forward P/E

30.7265.0299.322014 Q12015 Q32017 Q12018 Q32020 Q12021 Q32023 Q12024 Q32014 Q1: 59.822014 Q2: 58.112014 Q3: 74.602014 Q4: 80.072015 Q1: 94.592015 Q2: 72.112015 Q3: 68.912015 Q4: 67.472016 Q1: 62.812016 Q2: 53.962016 Q3: 50.172016 Q4: 49.392017 Q1: 54.752017 Q2: 49.622017 Q3: 52.742017 Q4: 53.912018 Q1: 49.472018 Q2: 47.552018 Q3: 48.422018 Q4: 51.432019 Q1: 56.052019 Q2: 53.672019 Q3: 55.762019 Q4: 51.282020 Q1: 35.452020 Q2: 38.622020 Q3: 43.222020 Q4: 56.072021 Q1: 73.782021 Q2: 66.962021 Q3: 64.142021 Q4: 68.932022 Q1: 63.152022 Q2: 48.082022 Q3: 42.222022 Q4: 37.902023 Q1: 38.202023 Q2: 38.772023 Q3: 35.982023 Q4: 40.202024 Q1: 44.672024 Q2: 41.102024 Q3: 46.97

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2014 Q4 tone ↓ -5.3 fwd EPS ↑ +0.10 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q3 tone ↓ -9.4 fwd EPS ↑ +0.14 Tone cooled even as the forward EPS estimate rose.
  • 2015 Q4 tone ↓ -4.5 fwd EPS ↑ +0.40 Tone cooled even as the forward EPS estimate rose.
  • 2016 Q2 tone ↓ -3.7 fwd EPS ↑ +0.47 Tone cooled even as the forward EPS estimate rose.
  • 2017 Q4 tone ↑ +4.6 fwd EPS ↓ -0.35 Tone rose while the forward EPS estimate was cut.
  • 2021 Q1 tone ↑ +5.3 fwd EPS ↓ -0.41 Tone rose while the forward EPS estimate was cut.
  • 2022 Q3 tone ↓ -5.6 fwd EPS ↑ +0.92 Tone cooled even as the forward EPS estimate rose.
  • 2023 Q3 tone ↓ -4.6 fwd EPS ↑ +0.18 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-04-30+2.5——View →
2024 Q42025-02-05+3.6——View →
2024 Q32024-10-30+5.6$6.6547.0View →
2024 Q22024-07-31+4.3$6.9241.1View →
2024 Q12024-05-01-3.2$5.4244.7View →
2023 Q42024-02-07-3.9$5.9340.2View →
2023 Q32023-10-27-1.7$6.2036.0View →
2023 Q22023-07-28+2.9$6.0238.8View →