Q1 25 EPS
$3.16
BEAT +124.64%
Est. $1.41
Q1 25 Revenue
$464.6M
BEAT +1.34%
Est. $458.4M
vs S&P Since Q1 25
-30.1%
TRAILING MARKET
ESS -0.2% vs S&P +30.0%
Market Reaction
Did ESS Beat Earnings? Q1 2025 Results
Essex Property Trust delivered a strong first quarter for 2025, with GAAP earnings per diluted share of $3.16 beating the $1.41 consensus estimate by 124.64%, while revenue of $464.58 million topped expectations by 1.34% and grew 8.8% year over year.… Read more Essex Property Trust delivered a strong first quarter for 2025, with GAAP earnings per diluted share of $3.16 beating the $1.41 consensus estimate by 124.64%, while revenue of $464.58 million topped expectations by 1.34% and grew 8.8% year over year. The more operationally telling figure, Core FFO per diluted share of $3.97, edged $0.05 above the midpoint of the company's own guidance range, driven by favorable same-property revenue growth, co-investment income, and lower interest expense. A particularly encouraging signal came from new lease net effective rate growth turning positive at 1.0%, reversing a -1.9% reading in Q4 2024, while delinquency fell sharply to 0.5% of scheduled rent from 1.3% a year ago. Financial occupancy held firm at 96.3%. Essex also raised its annual dividend 4.9% to $10.28 per share, its 31st consecutive annual increase. Despite the momentum, management reaffirmed full-year 2025 Core FFO guidance of $15.56 to $16.06 per diluted share, citing macroeconomic uncertainty as a reason for caution.
Key Takeaways
- • Same-property revenue growth of 3.4% YoY driven by scheduled rent increases and improved delinquency (0.5% vs. 1.3% in Q1 2024)
- • New lease net effective rate growth turned positive at 1.0% vs. -1.9% in Q4 2024
- • Blended net effective rate growth of 2.8%
- • Financial occupancy stable at 96.3%
- • Co-investment income and favorable interest expense contributed to Core FFO outperformance
- • Significant delinquency improvement across the portfolio
ESS YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
ESS Revenue by Segment
With YoY comparisons, source: SEC Filings
ESS Revenue by Geography
With YoY comparisons, source: SEC Filings
ESS Earnings Trends
ESS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ESS EPS Trend
Earnings per share: estimate vs actual
ESS Revenue Trend
Quarterly revenue: estimate vs actual
ESS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 MISS FY | $1.45 | $1.25 | -13.79% | $479.6M | +1.97% |
| FY Full Year | $5.81 | $10.40 | +79.14% | $1.89B | +0.49% |
| Q3 25 BEAT | $1.82 | $2.56 | +40.66% | $473.3M | +0.03% |
| Q2 25 BEAT | $1.42 | $3.44 | +142.25% | $469.8M | +0.77% |
| Q1 25 BEAT | $1.41 | $3.16 | +124.64% | $464.6M | +1.34% |