Essex Property Trust

ESS

Equity

ISIN null / Valor 224846

New York Stock Exchange, Inc (2025-10-17)

USD 259.62+0.78%

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

Essex Property Trust achieved a Net Income of $1.84 per diluted share for Q3 2024, up 35.3% from $1.36 in Q3 2023. This increase is primarily due to gains on remeasurements of co-investments recognized in the third quarter of 2024.

Core FFO Exceeds Guidance

The Company grew Core FFO per diluted share by 3.4% compared to Q3 2023, surpassing the midpoint of its guidance range by $0.04. This outperformance was driven by favorable same-property revenue growth.

Revenue and NOI Growth

Essex Property Trust reported same-property revenue and net operating income (NOI) growth of 3.5% and 2.6%, respectively, compared to Q3 2023. Sequentially, same-property revenues improved by 1.2%.

Debt Issuance

The Company issued $200 million of 10-year senior unsecured notes due in April 2034 at an effective yield of 5.1%, strengthening its financial position.

Acquisitions

Essex Property Trust acquired and consolidated two joint venture apartment communities in San Jose, CA, valued at a combined $290.5 million on a gross basis, expanding its portfolio.

Revised Full-Year Guidance

The Company raised its full-year 2024 guidance, increasing the midpoint for Net Income per diluted share by $0.37 to $8.72 and for Core FFO per diluted share by $0.06 to $15.56, reflecting strong performance and positive outlook.

Summarized from source with an LLMView Source

Key figures

-11.8%1Y

12.3%3Y

28.5%5Y

Performance

25.9%1Y

24.9%3Y

25.5%5Y

Volatility