BTIG analyst James Sullivan downgraded Essex Property Trust to Neutral from Buy, saying that while he continues to see the REIT as a "well-run company" with typically outperforming portfolio locations, the near term risks and uncertainties warrant a "move to the sidelines". The analyst notes that he no longer expects the strength in Orange County and Seattle to fully offset his anticipated weakness in the "tech markets" of northern California. Sullivan is also concerned with the political risk presented by the potential Prop 10 2.0 ballot measure in 2020 across California municipalities that could pressure the stock's valuation along with the REIT's early redemptions on preferred equity investments and a maturing collateralized mortgage obligation.