Essex Property Trust (NYSE:ESS) Third Quarter 2022 Results
Key Financial Results
Revenue: US$420.7m (up 8.4% from 3Q 2021).
Funds from operations (FFO): US$232.1m (up 3.1% from 3Q 2021).
FFO margin: 55% (down from 58% in 3Q 2021). The decrease in margin was driven by higher expenses.
FFO per share: US$3.6 (up from US$3.46 in 3Q 2021).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Essex Property Trust EPS Beats Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 3.5%.
Looking ahead, revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the REITs industry in the US.
The company's shares are down 5.7% from a week ago.
We don't want to rain on the parade too much, but we did also find 1 warning sign for Essex Property Trust that you need to be mindful of.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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