Essex Property Trust ( (ESS) ) has realeased its Q3 earnings. Here is a breakdown of the information Essex Property Trust presented to its investors.
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Essex Property Trust, Inc. is an S&P 500 real estate investment trust (REIT) that specializes in acquiring, developing, redeveloping, and managing multifamily residential properties primarily on the West Coast.
In its third quarter 2024 earnings report, Essex Property Trust reported a significant increase in net income and raised its full-year guidance for 2024. The company achieved a net income per diluted share of $1.84, representing a 35.3% increase from the previous year, and reported strong growth in funds from operations (FFO) and core FFO.
Key highlights from the report include a 3.4% growth in core FFO per diluted share, surpassing the company’s guidance midpoint. The report also noted a 3.5% increase in same-property revenue and a 2.6% rise in net operating income. The company issued $200 million in senior unsecured notes and acquired significant joint venture interests in San Jose, CA, highlighting its strategic focus on expanding its property portfolio.
Looking ahead, Essex Property Trust has revised its full-year 2024 guidance upward, reflecting a positive outlook on net income and core FFO per diluted share. The company’s management remains optimistic about continued revenue growth and operational performance in its key markets.
