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Sep 30, 2023
Essex Property Trust Q3 2023 Earnings Report
Announced third quarter 2023 results, reporting a decrease in net income per diluted share but an increase in Core FFO per diluted share, driven by same-property revenue growth.
Key Takeaways
Essex Property Trust reported a decrease in net income per diluted share for Q3 2023, from $1.43 to $1.36. However, the company achieved Core FFO per diluted share of $3.78, a 2.4% increase year-over-year, exceeding the midpoint of the guidance range by $0.03. Same-property revenues and NOI grew by 3.2% and 2.7%, respectively.
Net Income per diluted share for Q3 2023 was $1.36, compared to $1.43 in Q3 2022.
Core FFO per diluted share was $3.78, a 2.4% increase compared to Q3 2022, exceeding the guidance range midpoint by $0.03.
Same-property revenues and NOI grew by 3.2% and 2.7%, respectively, compared to Q3 2022.
The company closed $298.0 million in 10-year secured loans at a 5.08% fixed interest rate.
Revenue by Geographic Location
Forward Guidance
The company reaffirmed the midpoint of the full-year 2023 guidance ranges for Core FFO per diluted share, as well as same-property revenues, expenses, and NOI.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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