Essex Property Trust Q1 2024 Earnings Report
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
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