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Mar 31, 2022
Essex Property Trust Q1 2022 Earnings Report
Announced first quarter 2022 results and increased full-year 2022 guidance.
Key Takeaways
Essex Property Trust announced strong first quarter results, driven by improving market conditions and strength in key regions. The company's Core FFO per diluted share grew by 9.8% compared to Q1 2021, exceeding the midpoint of the guidance range by $0.07. Based on the company's strong performance in the first quarter, Essex increased its full-year guidance for net income and Core FFO per diluted share.
Net Income per diluted share for Q1 2022 was $1.12, compared to $2.59 in Q1 2021, attributed to a gain on sale in the prior-year period.
Core FFO per diluted share grew by 9.8% compared to Q1 2021, surpassing the guidance midpoint by $0.07 due to strong operating results.
Same-property revenues and net operating income (NOI) increased by 6.5% and 7.3%, respectively, compared to Q1 2021.
The company increased its full-year 2022 earnings guidance for Net Income and Core FFO per diluted share.
Revenue by Geographic Location
Forward Guidance
Essex Property Trust has increased its full-year 2022 earnings guidance.
Positive Outlook
- Increased full-year Net Income per diluted share guidance by $0.11 at the midpoint to a range of $4.79 to $5.15.
- Increased full-year Core FFO per diluted share guidance by $0.25 at the midpoint to a range of $13.77 to $14.13.
- Raised the midpoint of full-year same-property revenues on a cash basis by 0.85% to 8.6%.
- Raised the midpoint of full-year same-property NOI on a cash basis by 1.25% to 10.7%.
- For the second quarter of 2022, the Company has established a Core FFO guidance range per diluted share of $3.43 to $3.55.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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