Essex Property Trust (ESS) Reports Q4 Earnings: What Key Metrics Have to Say
Essex Property Trust (ESS) reported $421.75 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 1.6%. EPS of $3.83 for the same period compares to $2.86 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $419.68 million, representing a surprise of +0.49%. The company delivered an EPS surprise of +0.52%, with the consensus EPS estimate being $3.81.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
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:
Financial Occupancies - Same-Property Portfolio: 96.1% compared to the 96.2% average estimate based on three analysts.
Revenues- Rental and other property: $418.95 million versus $417.90 million estimated by 10 analysts on average. Compared to the year-ago quarter, this number represents a +1.6% change.
Revenues- Management and other fees from affiliates: $2.80 million compared to the $2.79 million average estimate based on 10 analysts. The reported number represents a change of -0.8% year over year.
Revenue- Rental and other property- Other property: $5.73 million versus the three-analyst average estimate of $5.90 million. The reported number represents a year-over-year change of +1.3%.
Revenue- Rental and other property- Rental income: $413.21 million versus the three-analyst average estimate of $411.16 million. The reported number represents a year-over-year change of +1.6%.
Rental and other property revenues- Same-property revenue: $400.33 million compared to the $400.34 million average estimate based on two analysts. The reported number represents a change of +5% year over year.
Net Earnings Per Share (Diluted): $1.02 compared to the $1.47 average estimate based on 10 analysts.
View all Key Company Metrics for Essex Property Trust here>>>
Shares of Essex Property Trust have returned -7.2% over the past month versus the Zacks S&P 500 composite's +5.3% 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.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Essex Property Trust, Inc. (ESS) : Free Stock Analysis Report
