Essex Property Trust Q2 profit falls, misses estimates

• July 27 - REIT UDR sees 2026 FFO below estimate as higher costs weigh
• July 28 - Canada's Boardwalk REIT Q2 FFO per unit rises
• July 27 - Kilroy Realty Q2 revenue falls on lower portfolio occupancy rates

The company said higher same-property and non-same-property net operating income drove Core FFO outperformance.

Essex also said one-time property tax refunds contributed to lower expenses and Core FFO outperformance.

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 9 "strong buy" or "buy", 15 "hold" and 3 "sell" or "strong sell".

The average consensus recommendation for the residential REITs peer group is "buy."

Wall Street's median 12-month price target for Essex Property Trust Inc is $297.00, about 0.8% above its July 28 closing price of $294.52.

The stock recently traded at 48 times the next 12-month earnings versus a P/E of 42 three months ago.

U.S. multifamily REIT Essex Property Trust said its second-quarter net income per share fell sharply, missing analyst expectations.