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Mar 31, 2024
Essex Property Trust Q1 2024 Earnings Report
Announced first quarter 2024 results and raised full-year 2024 guidance.
Key Takeaways
Essex Property Trust announced its first quarter 2024 earnings results, reporting a net income of $4.25 per diluted share, a total FFO of $4.60 per share, and a Core FFO of $3.83 per diluted share. The company also raised its full-year 2024 guidance.
Reported Net Income per diluted share for the first quarter of 2024 of $4.25, compared to $2.38 in the first quarter of 2023.
Grew Core FFO per diluted share by 4.9% compared to the first quarter of 2023, exceeding the midpoint of the Company’s guidance range by $0.09.
Achieved same-property revenue and net operating income (“NOI”) growth of 3.6% and 3.0%, respectively, compared to the first quarter of 2023.
Acquired its joint venture partner’s 49.9% interest in four apartment communities for a total purchase price of $505.0 million on a gross basis.
Essex Property Trust
Essex Property Trust
Essex Property Trust Revenue by Geographic Location
Revenue by Geographic Location
Southern California Revenue
CapyFin.comNorthern California Revenue
CapyFin.comSeattle Metro Revenue
CapyFin.com Forward Guidance
The Company provided key updates to the Company’s 2024 full-year assumptions for Net Income, Total FFO, Core FFO per diluted share, and same-property growth.
Positive Outlook
- Net Income per diluted share revised midpoint increased by $2.92 to $8.24.
- Total FFO per diluted share revised midpoint increased by $1.00 to $15.73.
- Core FFO per diluted share revised midpoint increased by $0.20 to $15.23.
- Same-Property Revenue growth on a cash basis revised midpoint increased by 0.55% to 2.25%.
- Same-Property NOI growth on a cash basis revised midpoint increased by 0.80% to 1.40%
Revenue & Expenses
Visualization of income flow from segment revenue to net income