Essex Property Trust Earnings Preview: What to Expect

San Mateo, California-based Essex Property Trust, Inc. (ESS) acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. With a market cap of $18.9 billion, the company has ownership interests in 256 apartment communities comprising over 62,000 apartment homes with an additional property in active development. The fully integrated REIT is expected to announce its fiscal second-quarter earnings for 2026 after the market closes on Wednesday, Jul. 29.

Ahead of the event, analysts expect ESS to report an FFO of $4.02 per share on a diluted basis, down marginally from $4.03 per share in the year-ago quarter. The company beat the consensus estimates in three of the last four quarters while missing the forecast on another occasion. 

For the full year, analysts expect ESS to report FFO of $16.11 per share, up 1.1% from $15.94 in fiscal 2025. Its FFO is expected to rise 3.2% year over year to $16.63 per share in fiscal 2027. 

ESS stock has underperformed the S&P 500 Index’s ($SPX) 20.1% gains over the past 52 weeks, with shares up 3.8% during this period. Similarly, it underperformed the State Street Real Estate Select Sector SPDR ETF’s (XLRE) 7.5% gains over the same time frame.

On Apr. 28, ESS shares closed up by 4.3% after reporting its Q1 results. Its FFO of $4.06 per share surpassed Wall Street expectations of $3.96 per share. The company’s revenue was $484.8 million, surpassing Wall Street forecasts of $481.4 million. ESS expects full-year FFO in the range of $15.69 to $16.19 per share.

Analysts’ consensus opinion on ESS stock is cautious, with a “Hold” rating overall. Out of 26 analysts covering the stock, six advise a “Strong Buy” rating, two suggest a “Moderate Buy,” 16 give a “Hold,” and two recommend a “Strong Sell.” While ESS currently trades above its mean price target of $289.31, the Street-high price target of $320 suggests an upside potential of 7.6%.