Essex Property Trust (ESS) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates

Essex Property Trust (ESS) reported $412.42 million in revenue for the quarter ended March 2023, representing a year-over-year increase of 8%. EPS of $3.65 for the same period compares to $1.12 a year ago.

The reported revenue represents a surprise of -0.06% over the Zacks Consensus Estimate of $412.69 million. With the consensus EPS estimate being $3.62, the EPS surprise was +0.83%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Essex Property Trust performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Revenues- Management and other fees from affiliates: $2.77 million compared to the $2.80 million average estimate based on eight analysts. The reported number represents a change of +2.8% year over year.

• Revenues- Rental and other property: $409.66 million versus $409.33 million estimated by seven analysts on average. Compared to the year-ago quarter, this number represents a +8% change.

• Rental and other property revenues- Same-property revenue: $388.90 million versus the four-analyst average estimate of $378.25 million. The reported number represents a year-over-year change of +9.2%.

• Revenue- Rental and other property - Rental income: $404.64 million versus the three-analyst average estimate of $402.06 million.

• Revenue- Rental and other property - Other property: $5.02 million compared to the $5.64 million average estimate based on three analysts.

• Net Earnings Per Share (Diluted): $2.38 compared to the $1.32 average estimate based on five analysts.

View all Key Company Metrics for Essex Property Trust here>>>

Shares of Essex Property Trust have returned +0.8% over the past month versus the Zacks S&P 500 composite's +2.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

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