NYSE$ESS
Essex Property Trust Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
First quarter earnings were announced, highlighting a decrease in net income per diluted share and a decline in core FFO per diluted share, while same-property revenues and NOI experienced a year-over-year decrease, but improved sequentially.
Essex Property Trust's first quarter results exceeded initial guidance, with the company cautiously optimistic about economic recovery due to declining COVID cases and increased vaccinations. Large tech employers in their markets are accelerating hiring and reopening offices, which is expected to improve apartment demand.
- Net Income per diluted share decreased to $2.59, compared to $4.76 in Q1 2020, mainly due to a gain on remeasurement of co-investments in the previous year.
- Core FFO per diluted share declined by 11.8% compared to Q1 2020.
- Same-property gross revenues and NOI decreased by 8.1% and 12.3%, respectively, compared to the same quarter last year, attributed to lower scheduled rents and higher cash concessions.
- Sequential improvement was seen with same-property gross revenues and NOI increasing by 0.1% compared to Q4 2020, driven by reduced cash concessions and delinquency.
Headline financials
Revenue & EPS history
Essex Property Trust · Revenue · Quarterly
$355M
Forward guidance
For the second quarter of 2021, the Company has established a Core FFO guidance range per diluted share of $2.84 to $3.00.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
+0.3%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+2.1%
Avg return
30 days after
52%
35 / 67 earnings
Positive
+6.9%
Q2 2016
Best reaction
-6.3%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.9% | -1.2% | +1.9% | |
| Q4 2025 | -0.4% | +3.9% | +1.0% | |
| Q3 2025 | +1.2% | +3.8% | +6.7% | |
| Q1 2025 | +1.5% | +4.8% | +3.2% | |
| Q4 2024 | +3.0% | +1.4% | +5.1% | |
| Q3 2024 | -1.9% | -7.6% | +4.4% | |
| Q2 2024 | -2.7% | -1.5% | +4.2% | |
| Q1 2024 | -1.0% | +0.9% | +3.1% | |
| Q4 2023 | -0.6% | -0.2% | +5.3% | |
| Q3 2023 | -1.8% | +1.7% | +2.1% | |
| Q2 2023 | -0.9% | +1.9% | -0.9% | |
| Q1 2023 | +6.7% | +5.4% | +2.1% | |
| Q4 2022 | +3.8% | +3.2% | -0.0% | |
| Q3 2022 | -6.3% | -6.0% | -10.1% | |
| Q2 2022 | +1.3% | +4.6% | +3.6% | |
| Q1 2022 | -1.8% | -5.4% | -18.7% | |
| Q4 2021 | -0.5% | -2.5% | +2.6% | |
| Q3 2021 | +2.1% | +1.5% | +6.7% | |
| Q2 2021 | -0.9% | -1.0% | -3.1% | |
| Q1 2021 | -3.3% | -2.1% | -1.8% | |
| Q4 2020 | +4.0% | +4.5% | +6.7% | |
| Q3 2020 | +1.1% | +11.1% | +28.0% | |
| Q2 2020 | -2.9% | +1.1% | +0.1% | |
| Q1 2020 | +1.9% | -0.7% | +7.4% | |
| Q4 2019 | +1.2% | +1.0% | -8.1% | |
| Q3 2019 | -1.4% | -2.3% | -6.1% | |
| Q2 2019 | +1.0% | +4.1% | +6.6% | |
| Q1 2019 | +0.5% | +0.3% | +5.1% | |
| Q4 2018 | +0.9% | +2.1% | +3.8% | |
| Q3 2018 | +3.1% | -0.0% | +5.0% | |
| Q2 2018 | -2.6% | +1.0% | +2.4% | |
| Q1 2018 | -1.0% | +0.3% | -1.0% | |
| Q4 2017 | -0.2% | +4.1% | +8.5% | |
| Q3 2017 | -3.3% | -3.3% | -5.9% | |
| Q2 2017 | -0.9% | -1.5% | -0.6% | |
| Q1 2017 | +1.4% | +3.1% | +6.3% | |
| Q4 2016 | +0.6% | +1.0% | +4.0% | |
| Q3 2016 | +0.9% | +2.8% | +2.6% | |
| Q2 2016 | +6.9% | +5.8% | +1.5% | |
| Q1 2016 | -1.9% | — | — | |
| Q4 2015 | -3.7% | — | — | |
| Q3 2015 | -1.2% | — | — | |
| Q2 2015 | +1.1% | — | — | |
| Q1 2015 | +2.2% | — | — | |
| Q4 2014 | +0.9% | — | — | |
| Q3 2014 | +3.0% | — | — | |
| Q2 2014 | -0.6% | — | — | |
| Q1 2014 | +2.0% | — | — | |
| Q4 2013 | +3.6% | — | — | |
| Q3 2013 | -0.8% | — | — | |
| Q2 2013 | -1.9% | — | — | |
| Q1 2013 | -1.4% | — | — | |
| Q4 2012 | +0.6% | — | — | |
| Q3 2012 | -1.1% | — | — | |
| Q2 2012 | -0.7% | — | — | |
| Q1 2012 | +1.3% | — | — | |
| Q4 2011 | -1.8% | — | — | |
| Q3 2011 | +0.4% | — | — | |
| Q2 2011 | +3.4% | — | — | |
| Q1 2010 | +2.8% | — | — | |
| Q1 2011 | +2.4% | — | — | |
| Q4 2010 | +5.3% | — | — | |
| Q4 2008 | +5.3% | — | — | |
| Q3 2009 | -2.7% | — | — | |
| Q3 2010 | -2.7% | — | — | |
| Q2 2009 | +0.8% | — | — | |
| Q2 2010 | +0.8% | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro