Essex Property Trust Beats Q1 FFO Estimates, Cantor Fitzgerald Lifts Target to $291
Essex Property Trust reported Q1 core FFO of $4.06 per share, exceeding estimates, and revenue rose 4.3% to $484.8 million on a 4.1% same-property NOI gain. Cantor Fitzgerald maintained its Overweight rating and raised the price target to $291, while management reaffirmed 2026 FFO guidance of $15.69–$16.19.
1. Q1 Financial Performance
Essex Property Trust delivered first-quarter core FFO of $4.06 per share, surpassing analyst estimates of $3.96 and underscoring the REIT's operational strength.
2. Revenue and NOI Growth
Total rental revenue climbed 4.3% year-over-year to $484.8 million, driven by a 4.1% increase in same-property net operating income.
3. Analyst Rating and Price Target
Cantor Fitzgerald maintained its Overweight rating on Essex Property Trust and nudged the price target to $291 from $290, signaling confidence in the company's outlook.
4. Full-Year FFO Guidance
Management upheld full-year 2026 core FFO guidance at $15.69 to $16.19 per share, providing investors with a stable forecast for the remainder of the year.