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Dec 31, 2022
Essex Property Trust Q4 2022 Earnings Report
Announced fourth quarter and full-year 2022 results, exceeding expectations and continuing recovery from the COVID-19 pandemic.
Key Takeaways
Essex Property Trust, Inc. reported strong results for the fourth quarter and full year 2022, exceeding expectations with a significant increase in Core FFO. The company's recovery from the economic disruption caused by the COVID-19 pandemic continued, driven by strong job growth on the West Coast.
Net Income per diluted share for Q4 2022 was $2.86, compared to $2.10 in Q4 2021.
Core FFO per diluted share grew by 16.0% compared to Q4 2021, exceeding the high-end of the Company’s original guidance range.
Same-property revenue and NOI grew by 10.5% and 13.3%, respectively, compared to Q4 2021.
Repurchased 149,209 shares of common stock in the fourth quarter, totaling $31.8 million.
Revenue by Geographic Location
Forward Guidance
Essex Property Trust provided full-year 2023 guidance, expecting same-property NOI growth between 2.3% and 4.9%.
Positive Outlook
- Includes a range of same-property NOI growth of 2.3% to 4.9%
- Management Fees 10,700 to 11,700
- Interest capitalized 100 to 700
- FFO from co-investments 109,600 to 113,100
- Interest and other income 15,500 to 17,500
- Structured finance redemptions are expected to be approximately $100 million, the proceeds of which will be reinvested back into structured finance investments or other new investments, subject to market conditions and cost of capital.
Challenges Ahead
- Interest expense, before capitalized interest (207,400) to (203,800)
- General and administrative (55,500) to (57,500 )
- Corporate-level property management expenses (45,200) to (46,200)
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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