Essex Property Trust

ESS

Equity

ISIN US2971781057 / Valor 224846

New York Stock Exchange, Inc (2024-12-24)

USD 286.79+0.87%

Essex Property Trust
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About company

Essex Property Trust operates as a fully integrated real estate investment trust (REIT), specializing in the acquisition, development, redevelopment, and management of multifamily apartment communities. Its operations are strategically focused on supply-constrained markets, primarily along the West Coast of the United States. The company's portfolio is notably concentrated in key metropolitan areas, including Southern California, the San Francisco Bay Area, and Seattle. This geographical focus allows Essex to capitalize on the robust demand and limited supply characteristic of these regions, positioning it as a significant player in the West Coast residential real estate market. Through its comprehensive approach to real estate investment and management, Essex Property Trust aims to provide value to its stakeholders by leveraging the growth dynamics of its chosen markets.

Summarized from source with an LLMView SourceSector: Finance

Net Income Growth

In the third quarter of 2024, Essex Property Trust reported a net income per diluted share of $1.84, marking a significant increase of 35.3% compared to $1.36 in the same quarter of 2023. This growth was largely driven by gains on remeasurements of co-investments recognized during the quarter.

Core FFO Performance

Essex Property Trust achieved a Core Funds from Operations (Core FFO) per diluted share of $3.91 in Q3 2024, representing a 3.4% increase from $3.78 in Q3 2023. This performance exceeded the midpoint of the company's guidance range by $0.04, primarily due to favorable same-property revenue growth.

Same-Property Revenue and NOI

For the third quarter of 2024, Essex Property Trust reported same-property revenue growth of 3.5% and net operating income (NOI) growth of 2.6% compared to the same period in 2023. On a sequential basis, same-property revenues improved by 1.2%.

Investment Activities

During Q3 2024, Essex Property Trust acquired and consolidated two joint venture apartment home communities in San Jose, CA, with a combined valuation of $290.5 million. Additionally, the company issued $200.0 million of 10-year senior unsecured notes due in April 2034 at an effective yield of 5.1%.

Revised Full-Year Guidance

Essex Property Trust raised its full-year 2024 guidance, with the revised midpoint for net income per diluted share set at $8.72, up by $0.37. The Core FFO per diluted share guidance was also increased to a midpoint of $15.56, reflecting a $0.06 improvement. The company anticipates same-property revenue growth of 3.25% for the year.

Summarized from source with an LLMView Source

Key figures

17.4%1Y

-16.3%3Y

-3.90%5Y

Performance

21.4%1Y

24.7%3Y

31.3%5Y

Volatility