Essex Sees FY24 Core FFO $15.03-$15.43 Vs $15.52 Estimate
Portfolio Pulse from Benzinga Newsdesk
Essex Property Trust, Inc. (ESS) has revised its full-year 2024 guidance, projecting a Core FFO per diluted share of $15.03 to $15.43, which is below the $15.52 estimate. The company expects net income per diluted share to increase by $2.92 to a midpoint of $8.24, and forecasts growth in same-property revenues and NOI.
April 30, 2024 | 8:23 pm
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Essex Property Trust, Inc. (ESS) revises FY24 guidance with Core FFO per share expected to be $15.03-$15.43, below the estimated $15.52. The company also anticipates an increase in net income per diluted share and improvements in same-property revenues and NOI.
The downward revision of the Core FFO per diluted share guidance for FY24 to below the market estimate suggests a potential negative impact on investor sentiment and stock price in the short term. However, the positive outlook on net income and same-property metrics may mitigate some of the negative perceptions.
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