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Essex Property (ESS)
NYSE:ESS
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Earnings Data
Report Date
Jan 29, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$1.47Last Year’s EPS
$1.02Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 29, 2024
|% Change Since: -4.92%
|Next Earnings Date:Jan 29, 2025
Earnings Call Sentiment|Positive
The earnings call presented a generally positive outlook with a third guidance raise, record low turnover, and strong regional performance. However, there were concerns about increased concessions due to supply challenges and delinquency issues, particularly in Southern California. Despite these challenges, the company's robust balance sheet and strategic acquisitions position it well for future growth.Company Guidance
During the Essex Property Trust third quarter 2024 earnings call, the company provided a robust outlook with several key metrics. Core FFO per share exceeded guidance, reaching $3.91, with a full-year estimate revised upward to $15.56 per share, representing a 3.5% year-over-year growth. The company reported a blended rent growth of 2.5% for Q3, with notable regional performances: Seattle at 3.8%, Northern California at 2.3%, and Southern California at 2.1%. Financial occupancy was reported at 96.1% for October. Looking ahead, Essex forecasts 2025 earnings to surpass 2024 by 80 to 100 basis points, with an additional 40 to 60 basis points improvement expected from delinquency reductions, contributing to a projected same-property revenue growth of 120 to 160 basis points. Transactionally, the firm acquired over 1,700 units, totaling $700 million, at attractive yields.Third Guidance Raise in 2024
Achieved third guidance raise this year due to core FFO per share exceeding the midpoint of guidance range.
Record Low Turnover
Achieved record low turnover, contributing to exceeding high-end of original 2024 expectations.
Strong Regional Performance
Seattle delivered a strong 3.8% blended rent growth in Q3, and Northern California achieved 2.3% blended rate growth, led by Santa Clara County at 3.6%.
Positive Job Market Indicators
Job postings at top 20 tech companies have returned to pre-COVID averages, indicating future growth.
Significant Acquisitions
Acquired over 1,700 units totaling over $700 million at pro rata share, executed transactions with attractive returns.
Strong Balance Sheet
Low leverage with net debt-to-EBITDA at 5.5x and over $1 billion in liquidity.
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ESS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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ESS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 29, 2024 | $298.43 | $294.02 | -1.48% |
| Jul 30, 2024 | $278.46 | $276.04 | -0.87% |
| Apr 30, 2024 | $242.01 | $241.25 | -0.31% |
| Feb 06, 2024 | $226.60 | $222.76 | -1.69% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Essex Property (ESS) report earnings?
Essex Property (ESS) is schdueled to report earning on Jan 29, 2025, TBA Not Confirmed.
What is Essex Property (ESS) earnings time?
Essex Property (ESS) earnings time is at Jan 29, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ESS EPS forecast?
ESS EPS forecast for the fiscal quarter 2024 (Q4) is $1.47.
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