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Dec 31, 2020
Essex Property Trust Q4 2020 Earnings Report
Essex Property Trust's Q4 2020 earnings were announced, reflecting challenges from the Covid-19 pandemic but showing signs of stabilization with improved same-property revenues.
Key Takeaways
Essex Property Trust announced its Q4 2020 earnings, which were impacted by the Covid-19 pandemic. Net income per diluted share was $1.47, and core FFO per diluted share declined by 12.5% compared to Q4 2019. However, there were signs of stabilization with modestly improved same-property revenues on a sequential basis.
Net Income per diluted share for the fourth quarter of 2020 was $1.47, compared to $1.95 in the fourth quarter of 2019.
Core FFO per diluted share decreased by 12.5% compared to the fourth quarter of 2019.
Same-property gross revenue and net operating income (NOI) decreased by 8.0% and 12.7%, respectively, compared to the fourth quarter of 2019.
On a sequential basis, same-property gross revenue and NOI increased by 0.3% and 1.0%, respectively, compared to the third quarter of 2020.
Forward Guidance
Essex Property Trust provided its full-year 2021 guidance, anticipating continued challenges in the first half of the year followed by recovery in the latter half, with core FFO per diluted share expected to be in the range of $11.86 to $12.46.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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