-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點總結如下：我們下調目標價15美元至250美元，採用更窄的股權風險溢價和15.5倍的預期市盈率/營運資金比率（P/FFO），該比率與多戶住宅房地產投資信託基金（REIT）的平均水平一致。我們維持2026年營運資金預期為16.15美元，並將2027年的預期下調0.05美元至16.45美元，對應的營收預測分別為19.4億美元及19.8億美元。租金收入尚未恢復到歷史成長水準。整個行業的關鍵營運費用通膨超過了營收成長，導致現金淨營業收入（NOI）年增幅有限。我們預計這種市場狀況將持續，因為ESS及其同業的定價能力似乎有所減弱。尤其值得注意的是，ESS的投資組合主要位於美國西岸，容易受到科技業大規模裁員的影響。我們認為，近期幾週發布的重大公告所帶來的尾部風險尚未顯現。 ESS面臨遵守加州嚴格住房監管規定的挑戰，這導致該信託基金歷來表現遜於美國其他地區的同類基金。
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