Essex Property Trust (ESS) Misses Q2 EPS by 46c; Raises Outlook

Essex Property Trust (NYSE: ESS) reported Q2 EPS of $0.87, $0.46 worse than the analyst estimate of $1.33. Total FFO was $3.13; CORE FFO was $3.68.

Revised full-year 2022 earnings guidance:

• Decreased full-year Net Income per diluted share guidance by $0.31 as a result of unrealized losses on marketable securities and non-core investments in the second quarter.
• Increased full-year Core FFO per diluted share guidance by $0.29 at the midpoint to $14.45, representing 15.7% year-over-year growth.
• Raised the midpoint of full-year same-property revenues and NOI by 0.7% and 1.4%, respectively. Full-year same-property operating expense guidance was lowered by 0.8% at the midpoint as a result of favorable property tax assessments in Washington.

For earnings history and earnings-related data on Essex Property Trust (ESS) click here.

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