Inferra AIResearch Tools

Inferra AI / Company / ESS

Essex Property Trust

ESS · Real Estate

Last earnings Feb 4, 2025

Key results

Per Diluted Share net incomequarter

292.2%

Three Months Ended December 31, % Twelve Months Ended December 31, % 2024 2023 Change 2024 2023 Change Per Diluted Share Net Income $4.00 $1.02 292.2% $11.54 $6.32 82.6% Total FFO $3.69 $3.87 -4.7% $15.99 $15.24 4.9% Core FFO $3.92 $3.83 2.3% $15.60 $15.03 3.8% Fourth Quarter and Full-Year 2024 Highlights: Reported Net Income per diluted share for the fourth quarter of 2024 of $4.00, compared to $1.02 in the fourth quarter of 2023.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

Net incomequarter

$11.54

For the full-year 2024, the Company reported Net Income per diluted share of $11.54 compared to $6.32 in 2023.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

Operating incomequarter

2.6%

Achieved same-property revenues and net operating income ( NOI ) growth of 2.6% and 1.7%, respectively, compared to the fourth quarter of 2023.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

Same-Property revenuequarter

1.9%

Q3 2024 Scheduled Rents 1.9% 1.9% 0.3% Reported Delinquency (1) 0.2% 0.9% -0.6% Cash Concessions -0.2% 0.1% -0.2% Vacancy -0.2% -0.4% -0.2% Other Income 0.9% 0.8% 0.2% 2024 Same-Property Revenue Growth 2.6% 3.3% -0.5% Same-Property Revenue Growth Excluding AR Elimination 2024 Same-Property Revenue Growth 2.6% 3.3% -0.5% Add Back: Non-Cash AR Elimination (1) 0.6% 0.1% 0.7% Adjusted 2024 Same-Property Revenue Growth 3.2% 3.4% 0.2% (1) In the fourth quarter of 2024, the Company recorded a non-cash charge to fully eliminate its remaining $2.8 million residential accounts receivable ( AR ) balance, resulting in no residential accounts receivable at year-end.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

AI analysis

Q4 2024 · reported Feb 4, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Net income · Q4 2024
$11.54
+82.6% vs year ago computed from stated figures
EX-99 · Feb 4, 2025

Headline figures

MetricQ4 2024Prior qtrYear ago
Per Diluted Share net income292.2%——
Net income$11.54—$6.32
Operating income2.6%——
Same-Property revenue1.9%——

EX-99 · Feb 4, 2025

Guidance · company-stated

Net Income

“$5.79”

Capital Expenditures

“N/A $60.0M”

Guidance stated in the release for Q1 2025; figures as stated.

Next earningsNo verified date on fileNo date is estimated or imported

Capital allocation

Balance sheet and Liquidity Common Stock and Liquidity For the full-year 2024, the Company did not issue any shares of common stock through its equity distribution program or repurchase any shares through its stock repurchase plan.

Management considers FFO and FFO which excludes non-core items, which is referred to as Core FFO, to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

(NYSE:ESS) (the Company ) announced today its fourth quarter and full-year 2024 earnings results and related business activities

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Net Income: “Net Income $5.79”

Capital Expenditures: “Capital Expenditures N/A $60.0M”

Net Income (“Q1 2025”)
“2025 Full-Year Guidance and Key Assumptions Per Diluted Share Range Midpoint Net Income $5.79 - $6.29 $6.04 Total FFO $15.56 - $16.06 $15.81 Core FFO $15.56 - $16.06 $15.81 Q1 2025 Core FFO $3.86 - $3.98 $3.92 Estimated Same-Property Portfolio Growth Ba”

Capital Expenditures (“Q1 2025”)
“tions $250.0M to $750.0M $500.0M Structured Finance Redemptions $100.0M to $200.0M $150.0M Development Spending at Pro Rata Share N/A $75.0M Revenue-Generating Capital Expenditures N/A $60.0M (1) The midpoint of the Company s same-property revenues and NOI on a GAAP basis are 3.00% and 2.70%, respectively.”

Guidance stated in the release for Q1 2025; figures as stated.

Capital allocation

Balance sheet and Liquidity Common Stock and Liquidity For the full-year 2024, the Company did not issue any shares of common stock through its equity distribution program or repurchase any shares through its stock repurchase plan.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

Management considers FFO and FFO which excludes non-core items, which is referred to as Core FFO, to be useful supplemental operating performance measures of an equity REIT because, together with net income and cash flows, FFO and Core FFO provide investors with additional bases to evaluate the operating performance and ability of a REIT to incur and service debt and to fund acquisitions and other capital expenditures and to pay dividends.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

(1) The unsecured term loan has a variable interest rate of Adjusted SOFR plus 0.85% and matures in October 2025 with two remaining 12-month extension options, exercisable at the Company s option.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

(2) $220.8 million of variable rate debt is tax exempt to the note holders.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

$47.5 million of SOFR-based variable rate debt is swapped at a fixed rate of 2.83% through March 2026.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

(3) This unsecured line of credit facility has a capacity of $1.2 billion, a scheduled maturity date in January 2029 and two 6-month extension options, exercisable at the Company s option.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

Strategy & priorities

Forward-looking statements are statements which are not historical facts, including statements regarding the Company's expectations, estimates, assumptions, hopes, intentions, beliefs and strategies regarding the future.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

(2) Represents revenue generating or expense saving expenditures, such as full-scale redevelopments, interior unit turn renovations, enhanced amenities and certain sustainability initiatives.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

Risks & headwinds

While the Company's management believes the assumptions underlying its forward-looking statements are reasonable, such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the Company s control, which could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

SEC original ↗Essex Property Trust — Earnings release (8-K exhibit)EX-99Feb 4, 2025

Legal Proceedings 50 Item 1A.

SEC original ↗Essex Property Trust — 10-Q Quarterly report10-QJul 30, 2026

When evaluating if a project is probable to be completed, significant development uncertainty must be assessed.

SEC original ↗Essex Property Trust — 10-Q Quarterly report10-QJul 30, 2026

Documents

Earnings deck slides

0 decks with slide view

Essex Property Trust — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Essex Property Trust — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Essex Property Trust — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Essex Property Trust — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Essex Property Trust — Presentation / slide deck (8-K exhibit) — Slide view unavailable — this deck was filed as a web document, whose text has no page boundaries.

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

KE Holdings (BEKE) Real EstateInvitation Homes (INVH) Real EstateEquinix (EQIX) Real EstateAlexandria Real Estate Equities (ARE) Real EstateIron Mountain (IRM) Real EstateVici Properties (VICI) Real EstateMid-America Apartment Communities (MAA) Real EstateVivmark Residential (VMRK) Real Estate

Filings

31 documents

Earnings releases

4 documents

Presentations

5 documents

Transcripts

0 documents

No transcripts for Essex Property Trust are held in this edition of the library.

Mentioned by

2 companies

Other tracked companies whose held documents mention Essex Property Trust by name or ticker. A mention is counted once per document, from the document text the library holds.

See also the earnings calendar for every tracked company’s next earnings date.