Essex Property Trust (ESS) Q2 FFO and Revenues Surpass Estimates

Company Performance - Essex Property Trust reported quarterly funds from operations (FFO) of $3.94 per share, exceeding the Zacks Consensus Estimate of $3.84 per share, and up from $3.77 per share a year ago [1] - The company achieved revenues of $442.36 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 2.10%, compared to $416.04 million in the same quarter last year [6] - The FFO surprise for the quarter was 2.60%, following a previous surprise of 2.41% [5][11] Market Comparison - Essex Property Trust shares have increased approximately 15.4% since the beginning of the year, compared to a 14.5% gain for the S&P 500 [2] - The company has outperformed consensus revenue estimates three times over the last four quarters [6][11] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $3.82 on revenues of $435.96 million, and for the current fiscal year, it is $15.41 on revenues of $1.73 billion [3] - The sustainability of the stock's price movement will depend on management's commentary during the earnings call [7] - The estimate revisions trend for Essex Property Trust is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [12] Industry Context - Essex Property Trust is part of the Zacks REIT and Equity Trust - Residential industry, which is currently ranked in the top 22% of over 250 Zacks industries [4] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, suggesting that investors can track these revisions for insights [9]