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Essex Property Trust (ESS)
:ESS
Earnings Data
Report Date
Apr 29, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
1.42Last Year’s EPS
4.25Same Quarter Last Year
Moderate Buy
Based on 17 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 04, 2025
|% Change Since: 1.41%
|Next Earnings Date:Apr 29, 2025
Earnings Call Sentiment|Neutral
The earnings call presented a generally positive outlook with strong results in 2024 exceeding guidance, strategic acquisitions, and positive occupancy trends. However, the company faces challenges such as regulatory uncertainties in LA and headwinds from interest expenses and structured finance income decline. The favorable economic outlook for 2025 and strong investment market provide additional optimism.Company Guidance
During Essex Property Trust, Inc.'s Fourth Quarter 2024 earnings call, the company reported exceeding their original guidance with same-property revenue growth of 3.3% and core FFO growth of 3.8%, driven by improving demand and effective delinquency resolution. They highlighted achieving 1.6% blended lease rate growth in the Fourth Quarter, with Orange and Santa Clara Counties leading at 2.7% blended rate growth. The company successfully acquired and consolidated thirteen properties at above-market yields, indicating a strategic shift towards growth. Looking into 2025, Essex forecasts a 3% market rent growth, with Seattle and San Jose expected to lead at approximately 4%. The guidance acknowledges potential policy uncertainties, particularly in Los Angeles. They project same-property NOI growth to be 2.7% at the midpoint and core FFO growth of 1.3%, impacted by higher interest expenses and lower structured finance income. The company plans to acquire $1 billion in new apartment communities in 2025, maintaining a strong balance sheet with over $1 billion in liquidity.Exceeded Guidance in 2024
Same-property revenue growth of 3.3% and core FFO growth of 3.8% exceeded the high end of the original guidance.
Successful Property Acquisitions
Acquired and consolidated thirteen properties at above-market yields, shifting the company into growth mode.
Improvement in Delinquency
Made substantial progress on the delinquency front, reducing bad debt by over 50% from one year ago.
Positive Occupancy Trends
Occupancy increased by 40 basis points to 96.3% in January, with concessions improving to less than half a week.
Strong Investment Market
The West Coast experienced a meaningful uptick in volume, with cap rates for high-quality properties remaining consistent.
Favorable Economic Outlook for 2025
Forecasted job growth in technology sector and low supply deliveries lead to an expected 3% market rent growth.
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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 |
|---|---|---|---|
| Feb 04, 2025 | $287.14 | $295.79 | +3.01% |
| Oct 29, 2024 | $295.87 | $291.50 | -1.48% |
| Jul 30, 2024 | $276.07 | $273.68 | -0.87% |
| Apr 30, 2024 | $239.94 | $239.18 | -0.32% |
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 Trust (ESS) report earnings?
Essex Property Trust (ESS) is schdueled to report earning on Apr 29, 2025, TBA Not Confirmed.
What is Essex Property Trust (ESS) earnings time?
Essex Property Trust (ESS) earnings time is at Apr 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 2025 (Q1) is 1.42.
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