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Essex Property Trust (ESS) Reports Q1 Earnings: What Key Metrics Have to Say

Zacks Equity Research
·2-min read

For the quarter ended March 2024, Essex Property Trust (ESS) reported revenue of $426.93 million, up 3.5% over the same period last year. EPS came in at $3.83, compared to $2.38 in the year-ago quarter.

The reported revenue represents a surprise of +1.08% over the Zacks Consensus Estimate of $422.38 million. With the consensus EPS estimate being $3.74, the EPS surprise was +2.41%.

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.

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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:

  • Financial Occupancies - Same-Property Portfolio: 96.3% versus 96.1% estimated by three analysts on average.

  • Revenues- Rental and other property: $424.22 million versus $419.76 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +3.6% change.

  • Revenues- Management and other fees from affiliates: $2.71 million versus $2.80 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a -1.9% change.

  • Rental and other property revenues- Same-property revenue: $409.82 million compared to the $400.53 million average estimate based on two analysts. The reported number represents a change of +5.4% year over year.

  • Revenue- Rental and other property- Other property: $6.98 million versus $5.75 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +39% change.

  • Revenue- Rental and other property- Rental income: $417.24 million versus the two-analyst average estimate of $414.10 million. The reported number represents a year-over-year change of +3.1%.

  • Net Earnings Per Share (Diluted): $4.25 compared to the $1.25 average estimate based on nine analysts.

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

Shares of Essex Property Trust have returned +3.5% over the past month versus the Zacks S&P 500 composite's -2.5% 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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Essex Property Trust, Inc. (ESS) : Free Stock Analysis Report

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Zacks Investment Research