Essex Property Trust Q2 profit falls, misses estimates

Essex Property Trust

29/07/2026 21:30

Overview
U.S. multifamily REIT's Q2 net income per share fell sharply, missing analyst expectations
Core FFO per share grew 1.2% yr/yr, exceeding company guidance midpoint
Company raised full-year 2026 Core FFO and same-property NOI growth guidance

Outlook
Company raises full-year 2026 Core FFO guidance to $16.03-$16.25 per share, midpoint $16.14
Company expects Q3 2026 Core FFO per share of $3.93-$4.05, midpoint $3.99
Company raises full-year 2026 same-property NOI growth guidance to 2.3%-3.3%, midpoint 2.8%

Result Drivers
SAME-PROPERTY NOI - Co said higher same-property and non-same-property net operating income drove Core FFO outperformance
PROPERTY TAX REFUNDS - Co said one-time property tax refunds contributed to lower expenses and Core FFO outperformance

Company press release: ID:nBw99Fwdba

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 EPS
Miss
$0.97
$1.46 (10 Analysts)

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 15 "hold" and 3 "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 $297.00, about 0.8% above its July 28 closing price of $294.52
The stock recently traded at 48 times the next 12-month earnings vs. a P/E of 42 three months ago

Reuters Recommended Reads
July 27 - REIT UDR sees 2026 FFO below estimate as higher costs weigh
July 28 - Canada's Boardwalk REIT Q2 FFO per unit rises
July 27 - Kilroy Realty Q2 revenue falls on lower portfolio occupancy rates

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(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.)