Essex Property Trust Lifts FY22 Outlook

(RTTNews) - While reporting its first-quarter results on Tuesday, Essex Property Trust, Inc. (ESS) lifted its earnings guidance for the full year 2022.

Looking forward to full year 2022, the company now expects earnings of $4.79 to $5.15 per share and FFO of $13.76 to $14.12 per share. Analysts currently estimate earnings of $5.34 per share for the year.

Previously, the company expected earnings of $4.62 to $5.10 per share, and FFO of $13.46 to $13.94.

"Our first quarter results reflect improving market conditions in our Northern California and Seattle regions, and continued strength in Southern California, leading to the fourth consecutive quarter of sequential Core FFO and same-property revenue improvement. Exceptional job growth throughout the Essex markets and implementation of return-to-office mandates at the largest technology companies are contributing to the strong demand for housing. Given the strong start to the year and improved delinquency collections, we are pleased to announce an increase to our full year guidance ranges for same-property revenues, NOI, and Core FFO per share," commented Michael J. Schall, President and CEO of the Company.