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.