Essex Property Trust Q3 2022 Earnings Report
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%.
Essex Property Trust
Essex Property Trust
Essex Property Trust 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