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Essex Property (ESS)
NYSE:ESS
Earnings Data
Report Date
Apr 28, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
1.5Last Year’s EPS
3.16Same Quarter Last Year
Based on 14 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated solid operational execution in 2025 with notable outperformance in same-property revenue, high occupancy (96.3%), strong Northern California recovery, robust transaction activity (+43% YoY) and a healthy balance sheet with >$1.7B liquidity. Headwinds include a conservative 2026 FFO outlook (flat) driven by structured finance redemptions (1.8% drag), localized softness (Seattle, some Southern CA submarkets), a negative Q4 new-lease reading (-2.4%), and a pause in development starts due to current land and cost economics. On balance, the positive operating results, favorable supply outlook (supply -20% YoY), NAV appreciation from prior Northern California acquisitions, and strong liquidity and capital allocation discipline materially outweigh the near-term and localized challenges.Company Guidance
Full-Year Same-Property Revenue Outperformance
Same-property revenue growth of 3.3% for full-year 2025 (at the high end of guidance and ~30 basis points above original projections), driven by lower concessions, higher occupancy and other income.
Strong FFO / Earnings Execution in 2025
FFO per share growth for 2025 came in above the midpoint of guidance, reflecting operational execution across property operations and corporate teams.
Healthy Q4 Operating Metrics
Fourth quarter blended lease-rate growth of 1.9%, occupancy up 20 basis points sequentially to 96.3%, and concessions averaging ~one week (typical seasonality). Los Angeles led occupancy improvement with a 70 bps sequential increase.
Delinquency Recovery Near Pre-COVID Levels
Delinquencies improved to ~50 basis points, roughly 10 basis points off historical pre-COVID averages, with further recovery concentrated where eviction processing normalizes (notably L.A.).
Northern California & West Coast Outperformance
Northern California outperformed expectations due to tech expansion, favorable migration, and limited housing supply; Essex markets outperformed the U.S. average on rent growth with regional ranking: Northern CA > Seattle > Southern CA.
Robust Investment Market Activity
West Coast institutional multifamily transaction volume was $12.6 billion in 2025, a 43% increase vs 2024; cap rate compression observed (top submarkets in low-4% range; remaining in mid-4% range). Essex was the largest investor in Northern California over the past two years, with significant NAV appreciation from pre-compression acquisitions.
2026 Supply Outlook Favorable
Company forecasts total new housing supply to decline by approximately 20% year-over-year in 2026, supporting expectation of blended rent growth above the U.S. average and comparable to 2025.
Disciplined Expense and Insurance Outlook
2026 same-property expense growth forecast at 3% (midpoint) — the lowest rate in several years — with controllable expenses ~+2% and insurance expected down ~5% year-over-year, supporting a projected same-property NOI growth of ~2.1% at midpoint.
Strong Liquidity & Funding Position
Free cash flow covers dividend and planned capex/development; proactive maturity management (December bond offering); liquidity of over $1.7 billion and ample capital sources available.
ESS Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ESS Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 04, 2026 | $252.57 | $251.49 | -0.43% |
Oct 29, 2025 | $244.75 | $247.37 | +1.07% |
Jul 29, 2025 | $285.04 | $263.26 | -7.64% |
Apr 29, 2025 | $267.40 | $271.27 | +1.45% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Essex Property (ESS) report earnings?
Essex Property (ESS) is schdueled to report earning on Apr 28, 2026, After Close (Confirmed).
What is Essex Property (ESS) earnings time?
Essex Property (ESS) earnings time is at Apr 28, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ESS EPS forecast?
ESS EPS forecast for the fiscal quarter 2026 (Q1) is 1.5.