Essex Property TrustNYSE: ESS

MUNICH--(BUSINESS WIRE)--ESS Tech, Inc. (ESS) (NYSE: GWH), a leading manufacturer of long-duration energy storage systems (LDES) for commercial and utility-scale applications, today announced that its Energy Center™ system was awarded the Smarter E Award for Energy Storage Technologies at the smarter E Award ceremony occurring in advance of Intersolar Europe in Munich, Germany. The smarter E Award is adjudicated by a select group of independent industry experts, analysts and academics, and is o.

Favorable West Coast market fundamentals and a healthy balance sheet are likely to support Essex Property (ESS). However, an elevated supply in some markets and high interest rates are worrisome.

Essex Property Trust CEO Angela Kleiman sits down with CNBC's Diana Olick to discuss the slowdown of apartment building construction, continued supply and affordability challenges, and more.

Essex Property Trust's fixed income offering is currently yielding higher than their cap rate, indicating potential overvaluation. The lack of share buyback activity by management further indicates that ESS stock may be trading above its intrinsic value. Considering recent investment activity, it is suggested that shares should be valued around $244.

Essex Property Trust, Inc. (NYSE: ESS) Q1 2024 Earnings Conference Call on May 1, 2024 at 1:00 PM ET. Presenters include Angela Kleiman, President and CEO, Barb Pak, CFO & EVP, and Rylan Burns, EVP and CIO. Conference call participants include analysts from KeyBanc Capital Markets, Scotiabank, Piper Sandler, Wells Fargo, Bank of America, Mizuho, BMO Capital Markets, Morgan Stanley, RBC Capital Markets, and Wedbush. The call is being recorded.

Essex Property reported stronger same-property revenues in Q1 and has updated its 2024 guidance.

The key figures for Essex Property Trust (ESS) offer a glimpse into the company's performance in the first quarter of 2024, but it could be beneficial to analyze certain metrics against Wall Street predictions and last year's results.

Essex Property Trust reported quarterly funds from operations (FFO) of $3.83 per share, surpassing the Zacks Consensus Estimate of $3.74 per share. This is an increase from FFO of $3.65 per share in the same quarter last year.

Residential REITs probably benefited from diversifying their portfolios and implementing technological advancements in the first quarter, but an oversupply of properties and higher interest rates may have limited their growth.