Essex Property Trust Q4 2021 Earnings Report
Key Takeaways
Essex Property Trust reported a strong fourth quarter and full year in 2021, driven by rent growth in Southern California and positive momentum in Northern California and Seattle. Core FFO exceeded expectations, and same-property gross revenue and NOI growth were positive.
Net Income per diluted share for the fourth quarter of 2021 was $2.10, compared to $1.47 in the fourth quarter of 2020.
Total FFO per diluted share was $4.30, a 32.7% increase over the fourth quarter of 2020, attributed to an unrealized gain related to the Company’s investment in technology co-investments and a one-time legal settlement.
Core FFO per diluted share improved by 7.6% compared to the fourth quarter of 2020.
Same-property gross revenue and NOI growth of 4.0% and 4.7%, respectively, compared to the fourth quarter of 2020.
Essex Property Trust
Essex Property Trust
Essex Property Trust Revenue by Geographic Location
Forward Guidance
For the first quarter of 2022, the Company has established a guidance range of Core FFO per diluted share of $3.24 to $3.36.
Revenue & Expenses
Visualization of income flow from segment revenue to net income