BTIG analyst James Sullivan downgraded Essex Property Trust to Neutral as part of his broader Apartment Monthly research note. The analyst cites continued declines in Orange County rental rate growth while the rent growth in Los Angeles markets have turned flat even as the national rental growth rate has increasing since mid-2018. Sullivan adds that Esses Property Trust has the "largest exposure to Southern California" in his coverage, noting that weakness in Orange County was not a surprise, but the "overall top line growth on new leases" is also coming in below his model.