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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Haendel St. Juste | Mizuho Securities | 15 (0%) |
| Austin Wurschmidt | KeyBanc Capital Markets | 14 (0%) |
| Alexander Goldfarb | Piper Sandler | 14 (29%) |
| John Kim | BMO Capital Markets | 13 (15%) |
| Nick Yulico | Scotiabank | 12 (0%) |
| Jamie Feldman | Wells Fargo | 12 (8%) |
| Brad Heffern | RBC Capital Markets | 12 (0%) |
| Adam Kramer | Morgan Stanley | 10 (0%) |
| John Pawlowski | Green Street | 9 (0%) |
| Rich Anderson | Cantor Fitzgerald | 9 (11%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Citigroup | 2 | 15 (7%) |
| Mizuho Securities | 1 | 15 (0%) |
| BMO Capital Markets | 2 | 15 (13%) |
| KeyBanc Capital Markets |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $454M | +7.8% | $4.01 | +293.1% | 14.4% | 67.0% | 56.6% | $179M |
| FY2025 Q1 | $478M | +8.8% | $3.16 | -25.6% | 68.4% | 53.8% | 42.5% | $254M |
| FY2025 Q2 | $470M | +6.2% | $3.44 |
| 1 |
| 14 (0%) |
| Piper Sandler | 1 | 14 (29%) |
| Green Street | 3 | 13 (0%) |
| RBC Capital Markets | 1 | 12 (0%) |
| Scotiabank | 1 | 12 (0%) |
| +137.2% |
| 68.6% |
| 59.5% |
| 47.1% |
| $180M |
| FY2025 Q3 | $473M | +2.4% | $2.56 | +39.1% | 69.7% | 32.1% | 34.8% | $306M |
| FY2025 Q4 | $480M | +5.5% | $1.25 | -68.8% | 68.6% | 30.3% | 17.4% | $195M |
| FY2026 Q1 | $485M | +1.5% | $1.65 | -47.8% | 70.9% | 32.0% | 21.9% | $267M |
| FY2026 Q2 | $489M | +4.1% | $0.97 | -71.8% | 71.2% | 22.4% | 12.8% | $-267M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Essex reported Q1 2026 core FFO exceeding the high end of guidance by $0.11 on both revenue and expense beats, with same-property revenue growing 2.9%, 50 basis points ahead of plan. Northern California was the best-performing region with 3.2% Q1 blended rates and affordability runway, while Seattle flipped positive in March after a slow start. The structured finance headwind was effectively completed, and management reaffirmed guidance citing macro uncertainty, while pivoting to share buybacks at an attractive $243.76 average price.
Demand | Revenue Growth | Capital Allocation | Competitive Dynamics | Regulation Policy | Labor Market | Guidance Reliability | Geographic Expansion | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 11 | 7 | 4 | 3 | 4 | 1 | 1 | |
| 2025Q1 | 8 | 6 | 3 | 6 | 2 | 1 | 1 | 2 |
| 2025Q2 | 9 | 7 | 8 | 3 | 2 | 2 | 4 | 2 |
| 2025Q3 | 8 | 5 | 6 | 6 | 3 | 6 | 1 | 3 |
| 2025Q4 | 13 | 10 | 11 | 4 | 4 | 4 | 4 | 1 |
| 2026Q1 | 9 | 9 | 10 | 5 | 1 | 2 | 3 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 11 | 8 | 9 | 8 | 13 | 9 |
| Revenue Growth | 7 | 6 | 7 | 5 | 10 | 9 |
| Capital Allocation | 4 | 3 | 8 | 6 | 11 | 10 |
| Competitive Dynamics | 3 | 6 | 3 | 6 | 4 | 5 |
| Regulation Policy | 4 | 2 | 2 | 3 | 4 | 1 |
| Labor Market | 1 | 1 | 2 | 6 | 4 | 2 |
| Guidance Reliability | 1 | 4 | 1 | 4 | 3 | |
| Geographic Expansion | 1 | 2 | 2 | 3 | 1 | 2 |
What ESS and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Camden is a good company. It's run by smart people, but dynamics are different, right?”
Essex comments on peer multifamily REIT Camden Property Trust marketing its portfolio for sale, praising the company while noting its more geographically dispersed strategy differs from Essex's.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ESS Essex Property Trust | 5 | +1.5% | |
| AVB AvalonBay Communities | 6 | +3.3% | |
| CPT Camden Property Trust | 5 | +0.1% | |
| INVH Invitation Homes | 6 | +8.8% | |
| MAA Mid-America Apartment Communities | 5 | +0.8% | |
| UDR UDR, Inc. | 5 | +0.9% | |
| VMRK Vivmark Residential | 5 | +2.5% |