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Sep 30, 2021
Essex Property Trust Q3 2021 Earnings Report
Announced third quarter 2021 results and increased full-year 2021 guidance.
Key Takeaways
Essex Property Trust reported a net income of $1.82 per diluted share for Q3 2021, compared to $1.13 in Q3 2020. Core FFO per diluted share was reported at $3.12, exceeding the high-end of the Company’s guidance range due to better-than-expected operating results. Same-property revenues and NOI increased by 2.7% and 2.2%, respectively, compared to the third quarter of 2020.
Net Income per diluted share for the third quarter of 2021 was $1.82, compared to $1.13 in the third quarter of 2020 due to a higher gain on sale of real estate and no loss on early retirement of debt in the current quarter.
Core FFO per diluted share was $3.12, exceeding the high-end of the Company’s guidance range due to better-than-expected operating results.
Same-property revenues and net operating income (“NOI”) increased by 2.7% and 2.2%, respectively, compared to the third quarter of 2020, attributed to declining concessions.
Same-property sequential revenues increased 3.2% led by an increase in scheduled rents and lower levels of concessions and delinquencies.
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 has established a range for Core FFO per diluted share of $3.15 to $3.25 for the fourth quarter of 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income