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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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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