Essex Property Trust Q1 2020 Earnings Report
Key Takeaways
Essex Property Trust reported a strong start to 2020, with Net Income per diluted share of $4.76 and Core FFO per diluted share growth of 7.7% compared to Q1 2019. However, due to the unprecedented challenges from the COVID-19 pandemic, the company has withdrawn its full-year guidance.
Reported Net Income per diluted share for the first quarter of 2020 of $4.76, compared to $1.81 in the first quarter of 2019, largely attributable to a gain on remeasurement of co-investments.
Grew Core FFO per diluted share by 7.7% compared to the first quarter of 2019, exceeding the midpoint of the first quarter guidance range by $0.07 per share.
Achieved same-property gross revenue and net operating income (“NOI”) growth of 3.2% and 3.9%, respectively, compared to the first quarter of 2019.
Acquired its joint venture partner’s 45.0% interest in a land parcel and six communities representing 2,020 apartment homes, together valued at approximately $1.0 billion on a gross basis, recognizing $6.5 million of promote income related to this transaction.
Essex Property Trust
Essex Property Trust
Essex Property Trust Revenue by Geographic Location
Forward Guidance
Due to the economic disruption and inherent uncertainty of the COVID-19 pandemic, the Company is withdrawing its full-year guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income