Compared to Estimates, Essex Property Trust (ESS) Q2 Earnings: A Look at Key Metrics

For the quarter ended June 2024, Essex Property Trust (ESS) reported revenue of $442.36 million, up 6.3% over the same period last year. EPS came in at $3.94, compared to $1.55 in the year-ago quarter.

The reported revenue represents a surprise of +2.10% over the Zacks Consensus Estimate of $433.26 million. With the consensus EPS estimate being $3.84, the EPS surprise was +2.60%.

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

  : 96.2% versus 96.3% estimated by four analysts on average.

• Revenues- Rental and other property

  : $439.78 million versus the nine-analyst average estimate of $428.82 million. The reported number represents a year-over-year change of +6.4%.

• Revenues- Management and other fees from affiliates

  : $2.57 million compared to the $2.69 million average estimate based on nine analysts. The reported number represents a change of -7.4% year over year.

• Rental and other property revenues- Same-property revenue

  : $414.85 million compared to the $411.73 million average estimate based on two analysts. The reported number represents a change of +5.2% year over year.

• Revenue- Rental and other property- Other property

  : $7.64 million versus $6.11 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +39.5% change.

• Revenue- Rental and other property- Rental income

  : $432.14 million compared to the $428.07 million average estimate based on two analysts. The reported number represents a change of +6% year over year.

• Net Earnings Per Share (Diluted)

  : $1.45 compared to the $1.31 average estimate based on eight analysts.

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

Shares of Essex Property Trust have returned +4.8% over the past month versus the Zacks S&P 500 composite's +0.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform 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

To read this article on Zacks.com click here.

Zacks Investment Research