Essex Property Trust Q1 EPS falls 48% but beats estimates

Essex Property Trust

28/04/2026 21:24

Overview

U.S. apartment REIT's Q1 net income per share fell sharply from prior year on lower gains

Q1 EPS beat analyst expectations

Core FFO per share grew 2.3% yr/yr

Outlook

Essex sees Q2 2026 Core FFO per diluted share between $3.92 and $4.04

Company expects 2026 full-year Core FFO per diluted share of $15.69 to $16.19

Essex maintains 2026 same-property revenue growth guidance of 1.70% to 3.10%

Result Drivers

PRIOR-YEAR GAIN ON SALE IMPACT - Net income decline mainly due to prior-year gain on sale of real estate and land not repeated in Q1 2026

SAME-PROPERTY NOI - Core FFO per share growth exceeded guidance midpoint, primarily driven by favorable same-property net operating income

RENT AND OCCUPANCY - Same-property revenue grew 2.9% yr/yr, supported by higher scheduled rents and stable occupancy

Company press release: ID:nBwbXrd4ja

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 EPS
Beat
$1.65
$1.39 (8 Analysts)

Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 5 "strong buy" or "buy", 20 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the residential reits peer group is "buy."

Wall Street's median 12-month price target for Essex Property Trust Inc is $278.00, about 8.2% above its April 27 closing price of $256.83

The stock recently traded at 44 times the next 12-month earnings vs. a P/E of 44 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)