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Jun 30, 2024
Essex Property Trust Q2 2024 Earnings Report
Announced second quarter 2024 results and raised full-year 2024 guidance, driven by favorable consolidated NOI growth and better-than-expected blended rent growth.
Key Takeaways
Essex Property Trust, Inc. reported second quarter 2024 results, with Core FFO per diluted share growing by 4.5% compared to the second quarter of 2023, exceeding the midpoint of the Company’s guidance range by $0.11. The company also raised full-year 2024 guidance.
Reported Net Income per diluted share for the second quarter of 2024 of $1.45, compared to $1.55 in the second quarter of 2023.
Grew Core FFO per diluted share by 4.5% compared to the second quarter of 2023, exceeding the midpoint of the Company’s guidance range by $0.11. The outperformance was primarily driven by favorable consolidated NOI growth.
Achieved same-property revenue and net operating income (“NOI”) growth of 3.4% and 3.0%, respectively, compared to the second quarter of 2023. On a sequential basis, same-property revenues and NOI improved 1.2% and 2.5%, respectively.
Achieved year-over-year blended rate growth of 3.4% for the second quarter of 2024 as compared to 2.2% year-over-year blended rate growth achieved in the first quarter of 2024.
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.
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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