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Sep 30, 2022
Essex Property Trust Q3 2022 Earnings Report
Net income decreased while core FFO increased, driven by solid performance in West Coast markets.
Key Takeaways
Essex Property Trust announced strong Q3 2022 results, with Core FFO per share exceeding guidance and same-property revenue and NOI growth driven by the ongoing recovery in its West Coast markets.
Net Income per diluted share for the third quarter of 2022 was $1.43, compared to $1.82 in the third quarter of 2021.
Core FFO per diluted share reached $3.69, an 18.3% increase compared to the third quarter of 2021, surpassing the guidance midpoint by $0.04.
Same-property revenues and NOI increased by 11.4% and 15.4%, respectively, compared to the third quarter of 2021.
The Company committed $65.4 million in five structured finance investments with a weighted average return of 9.9%.
Revenue by Geographic Location
Forward Guidance
For the fourth quarter of 2022, the Company has established a range for Core FFO per diluted share of $3.67 to $3.77.
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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