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Dec 31, 2019
Essex Property Trust Q4 2019 Earnings Report
Announced fourth quarter and full-year 2019 results.
Key Takeaways
Essex Property Trust reported solid results for Q4 2019, with same-property NOI growth at the high-end of their guidance range, driven by strong demand for rental housing along the West Coast.
Net Income per diluted share for the fourth quarter of 2019 was $1.95, compared to $1.78 in the fourth quarter of 2018.
Core FFO per diluted share increased by 8.2% compared to the fourth quarter of 2018.
Same-property revenue and net operating income (NOI) grew by 4.0% and 5.5%, respectively, compared to the fourth quarter of 2018.
Two apartment communities were acquired during the fourth quarter of 2019 for a total contract price of $172.1 million.
Forward Guidance
The Company expects another productive year in 2020 with stable operating fundamentals and rent growth mostly consistent with our long-term averages.
Positive Outlook
- Total NOI from Consolidated Communities is expected to be between $1,143,500,000 and $1,161,200,000.
- Accretion from Acquisitions/Dispositions/Preferred Equity is expected to be between $5,500,000 and $6,500,000.
- Management Fees are expected to be between $9,500,000 and $10,500,000.
- Interest and other income is expected to be between $10,900,000 and $11,900,000.
- FFO from co-investments is expected to be between $99,300,000 and $102,500,000.
Challenges Ahead
- Net interest expense is expected to be between $223,800,000 and $218,000,000.
- General and administrative expenses are expected to be between $52,200,000 and $54,200,000.
- Corporate-level property management expenses are expected to be between $33,900,000 and $34,900,000.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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