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Essex Property Trust (ESS) Reports Q3 Earnings: What Key Metrics Have to Say
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Essex Property Trust (ESS - Free Report) reported $419.18 million in revenue for the quarter ended September 2023, representing a year-over-year increase of 2.3%. EPS of $3.78 for the same period compares to $1.43 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $419.28 million, representing a surprise of -0.02%. The company delivered an EPS surprise of +0.27%, with the consensus EPS estimate being $3.77.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: 96.4% versus the two-analyst average estimate of 95.1%.
Revenues- Rental and other property: $416.40 million versus the 10-analyst average estimate of $416.49 million. The reported number represents a year-over-year change of +2.3%.
Revenues- Management and other fees from affiliates: $2.79 million versus $2.79 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a -3.5% change.
Revenue- Rental and other property- Other property: $5.96 million versus $5.46 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +10.5% change.
Revenue- Rental and other property- Rental income: $410.44 million versus $410.85 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +2.2% change.
Rental and other property revenues- Same-property revenue: $398.46 million versus the two-analyst average estimate of $397.19 million.
Net Earnings Per Share (Diluted): $1.36 compared to the $1.43 average estimate based on eight analysts.
Shares of Essex Property Trust have returned -0.2% over the past month versus the Zacks S&P 500 composite's -3.4% 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.
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Essex Property Trust (ESS) Reports Q3 Earnings: What Key Metrics Have to Say
Essex Property Trust (ESS - Free Report) reported $419.18 million in revenue for the quarter ended September 2023, representing a year-over-year increase of 2.3%. EPS of $3.78 for the same period compares to $1.43 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $419.28 million, representing a surprise of -0.02%. The company delivered an EPS surprise of +0.27%, with the consensus EPS estimate being $3.77.
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.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
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: 96.4% versus the two-analyst average estimate of 95.1%.
- Revenues- Rental and other property: $416.40 million versus the 10-analyst average estimate of $416.49 million. The reported number represents a year-over-year change of +2.3%.
- Revenues- Management and other fees from affiliates: $2.79 million versus $2.79 million estimated by nine analysts on average. Compared to the year-ago quarter, this number represents a -3.5% change.
- Revenue- Rental and other property- Other property: $5.96 million versus $5.46 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +10.5% change.
- Revenue- Rental and other property- Rental income: $410.44 million versus $410.85 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +2.2% change.
- Rental and other property revenues- Same-property revenue: $398.46 million versus the two-analyst average estimate of $397.19 million.
- Net Earnings Per Share (Diluted): $1.36 compared to the $1.43 average estimate based on eight analysts.
View all Key Company Metrics for Essex Property Trust here>>>Shares of Essex Property Trust have returned -0.2% over the past month versus the Zacks S&P 500 composite's -3.4% 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.