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Jun 30, 2020
Essex Property Trust Q2 2020 Earnings Report
Announced second quarter 2020 results, reflecting a challenging environment due to the COVID-19 pandemic.
Key Takeaways
Essex Property Trust reported a decrease in net income per diluted share to $1.29, and a decline in Core FFO per diluted share by 5.1% compared to Q2 2019. Same-property gross revenue and NOI also decreased, primarily due to increased delinquencies. Despite these challenges, the company disposed of apartment communities, repurchased shares, issued senior unsecured notes, and maintained a strong liquidity position.
Net Income per diluted share was $1.29, down from $1.40 in Q2 2019.
Core FFO per diluted share decreased by 5.1% compared to Q2 2019.
Same-property gross revenue and NOI declined by 3.8% and 7.4%, respectively, compared to Q2 2019.
The Company disposed of two apartment communities for a total contract price of $232.0 million.
Revenue by Geographic Location
Forward Guidance
Due to the uncertain nature of the COVID-19 pandemic and evolving economic re-opening plans, the Company is not reinstating full-year 2020 guidance.
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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