Essex Property Trust (ESS) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
Essex Property Trust (ESS) reported $416.04 million in revenue for the quarter ended June 2023, representing a year-over-year increase of 4%. EPS of $3.77 for the same period compares to $0.87 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $414.48 million, representing a surprise of +0.38%. The company delivered an EPS surprise of +1.07%, with the consensus EPS estimate being $3.73.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: 96.6% versus 96.7% estimated by three analysts on average.
Revenues- Rental and other property: $413.27 million versus $412.28 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a +4% change.
Revenues- Management and other fees from affiliates: $2.78 million versus $2.76 million estimated by eight analysts on average. Compared to the year-ago quarter, this number represents a +1.5% change.
Revenue- Rental and other property - Rental income: $407.79 million versus $407.33 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +4.1% change.
Revenue- Rental and other property - Other property: $5.48 million compared to the $5.41 million average estimate based on three analysts. The reported number represents a change of +0.3% year over year.
Net Earnings Per Share (Diluted): $1.55 compared to the $1.37 average estimate based on seven analysts.
View all Key Company Metrics for Essex Property Trust here>>>
Shares of Essex Property Trust have returned +4% over the past month versus the Zacks S&P 500 composite's +5.6% 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
