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Essex Property Trust
🇺🇸 NYSE:ESS
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•
Dec 31, 2023

Essex Property Trust Q4 2023 Earnings Report

Announced fourth quarter and full-year 2023 results and 2024 guidance.

Key Takeaways

Essex Property Trust, Inc. reported fourth quarter 2023 earnings, with net income per diluted share at $1.02, a decrease compared to $2.86 in Q4 2022. Core FFO per diluted share grew by 1.6% compared to Q4 2022. Same-property revenues and NOI grew by 2.9% and 2.3%, respectively.

Reported Net Income per diluted share for the fourth quarter of 2023 of $1.02, compared to $2.86 in the fourth quarter of 2022.

Grew Core FFO per diluted share by 1.6% compared to the fourth quarter of 2022, exceeding the high-end of the Company’s original guidance range.

Achieved same-property revenues and net operating income (“NOI”) growth of 2.9% and 2.3%, respectively, compared to the fourth quarter of 2022.

As of February 2, 2024, the Company’s immediately available liquidity was approximately $1.6 billion.

Total Revenue
$422M
Previous year: $415M
+1.6%
EPS
$3.83
Previous year: $3.77
+1.6%
Total Apartment Homes
62.26K
Previous year: 62.41K
-0.2%
Gross Profit
$163M
Previous year: $287M
-43.4%
Cash and Equivalents
$400M
Previous year: $33.3M
+1102.4%
Total Assets
$12.4B
Previous year: $12.4B
-0.1%

Essex Property Trust

Essex Property Trust

Forward Guidance

The guidance projections are based on current expectations and are forward-looking. The guidance is given for Net Operating Income (NOI) and Total and Core FFO.

Positive Outlook

  • Total NOI from Consolidated Communities includes a range of same-property NOI growth of -1.10% to 2.30%
  • Management Fees are expected to be between 10.6 million and 11.6 million
  • Interest and other income is expected to be between 28.2 million and 29.2 million
  • FFO from co-investments is expected to be between 101.1 million and 104.3 million, reflecting $100M of preferred equity redemptions and a forecasted reduction in preferred equity income on the remaining book
  • Weighted average shares outstanding - FFO calculation: 66,550

Challenges Ahead

  • Net interest expense is expected to be between 208.6 million and 205.8 million
  • General and administrative expenses are expected to be between 56.7 million and 58.7 million
  • Corporate-level property management expenses are expected to be between 46.1 million and 47.1 million
  • Non-controlling interest is expected to be between 13.5 million and 12.5 million
  • General and administrative and other, net: (20,000)

Company Overview

Full financial data and analysis

View Essex Property Trust