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Sep 30, 2020
Essex Property Trust Q3 2020 Earnings Report
Announced third quarter 2020 results, reflecting the continued challenges from the COVID-19 pandemic and economic recession.
Key Takeaways
Essex Property Trust reported a decrease in net income per diluted share to $1.13, and a decline in Core FFO by 6.0% per diluted share. Same-property gross revenue and NOI also decreased by 6.7% and 10.8%, respectively. The company disposed of one apartment community for $51.5 million and repurchased 121,260 shares of common stock for $26.6 million.
Net Income per diluted share for the third quarter of 2020 was $1.13, compared to $1.51 in the third quarter of 2019.
Core FFO declined by 6.0% per diluted share compared to the third quarter of 2019.
Same-property gross revenue and net operating income (NOI) declined by 6.7% and 10.8%, respectively, compared to the third quarter of 2019.
Disposed of one apartment community during the third quarter for a total contract price of $51.5 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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