ESS Stock Recent News

Essex Property Trust, Inc. (NYSE:ESS ) Q1 2024 Earnings Conference Call May 1, 2024 1:00 PM ET Company Participants Angela Kleiman - President and Chief Executive Officer Barb Pak - Chief Financial Officer & Executive Vice President Rylan Burns - Executive Vice President and Chief Investment Officer Conference Call Participants Austin Wurschmidt - KeyBanc Capital Markets Daniel Tricarico - Scotiabank Alexander Goldfarb - Piper Sandler James Feldman - Wells Fargo Joshua Dennerlein - Bank of America Haendel St. Juste - Mizuho John Kim - BMO Capital Markets Adam Kramer - Morgan Stanley Brad Heffern - RBC Capital Markets Richard Anderson - Wedbush Operator Good day, and welcome to the Essex Property Trust First Quarter 2024 Earnings Call. As a reminder, today's conference call is being recorded.

Essex Property's (ESS) Q1 results reflect improving same-property revenues. This residential REIT has also revised its 2024 guidance.

The headline numbers for Essex Property Trust (ESS) give insight into how the company performed in the quarter ended March 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.

Essex Property Trust (ESS) came out with quarterly funds from operations (FFO) of $3.83 per share, beating the Zacks Consensus Estimate of $3.74 per share. This compares to FFO of $3.65 per share a year ago.

Residential REITs are likely to have gained from portfolio diversification and technological initiatives in Q1, though high supply and elevated interest rates are likely to have acted as dampeners.

While Essex Property's (ESS) Q1 results are likely to show the benefits of a solid property base and technological initiatives, elevated supply and higher interest expenses might have limited the growth tempo.

Essex Property Trust (ESS) is seeing favorable earnings estimate revision activity and has a positive Zacks Earnings ESP heading into earnings season.

Investors interested in REIT and Equity Trust - Residential stocks are likely familiar with Centerspace (CSR) and Essex Property Trust (ESS). But which of these two stocks is more attractive to value investors?

SAN MATEO, Calif.--(BUSINESS WIRE)--Essex Property Trust, Inc. (NYSE:ESS) announced today that it plans to release its first quarter 2024 earnings after the market closes on Tuesday, April 30, 2024. A conference call with senior management is scheduled for Wednesday, May 1, 2024 at 10:00 a.m. Pacific Time or 1:00 p.m. Eastern Time. The first quarter conference call is open to everyone and can be accessed by: Internet: Go to www.essex.com; click on Investors and the first quarter earnings webcas.

In February, Essex Property Trust hiked its dividend for the 30th consecutive year. The company is a best-in-class West Coast apartment REIT. ESS enjoys a BBB+ credit rating from S&P on a stable outlook.