Core Insights - The company reported strong rental revenue growth driven by a 2.2% increase in scheduled rents, supported by new lease growth and renewals [3][11][13] - The core Funds from Operations (FFO) margin expanded by nearly 60 basis points to 59.7%, aided by disciplined expense management and a reduction in share count [4][27] - The company achieved a net income per diluted share of $4.25 for Q1 2024, significantly up from $2.38 in Q1 2023, primarily due to gains on co-investments [35] Financial Performance - Total rental revenue for Q1 2024 was $424.2 million, reflecting a 3.6% year-over-year growth, exceeding analyst expectations by $2.3 million [19][27] - Core FFO per diluted share rose by 4.9% year-over-year to $3.83, surpassing the analyst consensus by $0.08 [37] - The company has a forward FFO payout ratio of approximately 63%, indicating a sustainable dividend payout [20] Debt and Liquidity - The company issued $350 million of 10-year senior unsecured notes at a 5.5% interest rate, enhancing its liquidity position [2][14] - As of May 29, 2024, the company had $1.1 billion in liquidity, sufficient to cover upcoming maturities of $633 million in 2025 and $549 million in 2026 [6] Market Outlook - The company anticipates same-property revenue growth of 2.25% for 2024, an increase from the previous guidance of 1.7% [24] - The consensus forecast for core FFO per share is $15.30 for 2024, reflecting a modest growth rate of 1.8% [5][24] - The company’s dividend was increased by 6.1% to an annual distribution of $9.80, marking the 30th consecutive annual increase [28] Valuation and Investment Thesis - The current P/core FFO ratio of 17.5 is below the 10-year normal valuation multiple of 20.6, suggesting potential for valuation improvement [33] - The fair value estimate for the stock is approximately $287 per share, indicating a 7% discount to the current share price of $268 [33] - Despite the positive fundamentals, the company has been downgraded to a hold rating due to insufficient margin for a buy rating [21][42]

mgstudyo Introduction In this article, we consider an equity investment in Essex Property Trust, Inc. (NYSE:ESS) in light of Q1 2024 results. In particular, we consider the issuance of the $350 million 10-year senior unsecured note with the maturity of April 2034 relative to their current capitalization rate. We also consider the historical share buyback activity of the management team to support our thesis. We then offer an estimate of the net asset value per share of the stock using the yield of the acqui ...

F I R S T Q U A R T E R 2 0 2 4 C R E D I T U P D A T E PROPERTY TRUST. INC. | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------|----------------|--------|-----------------------------------|--------|--------|----------| | Public Bond Covenants | (1) \nQ1 '24 | Q4 '23 | & Selected Credit Ratios \nQ3 '23 | Q2 '23 | Q1 '23 | Covenant | | Debt to Total Assets 35% | | 34% | 34% | 34% | 34% | < 65% | | Secured Debt to Total Assets 5% | | 5% | 5% | 3% | 3% | < 40% | | Int ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________to _________ 001-13106 (Essex Property Trust, Inc.) 333-44467-01 (Essex Portfolio, L.P.) (Commission File Number) ESSEX PROPERTY TRUST, INC. ESSEX PORTFOLIO, L.P ...

Essex Property Trust Inc. (ESS) reported first-quarter 2024 core funds from operations (FFO) per share of $3.83, beating the Zacks Consensus Estimate of $3.74. The figure also improved 4.9% from the year-ago quarter.Results reflect favorable growth in same-property revenues and net operating income (NOI). However, the same-property operating expenses partly acted as a dampener. ESS revised second-quarter and full-year 2024 guidance for core FFO per share.Total revenues of $426.9 million outpaced the Zacks C ...

For the quarter ended March 2024, Essex Property Trust (ESS) reported revenue of $426.93 million, up 3.5% over the same period last year. EPS came in at $3.83, compared to $2.38 in the year-ago quarter.The reported revenue represents a surprise of +1.08% over the Zacks Consensus Estimate of $422.38 million. With the consensus EPS estimate being $3.74, the EPS surprise was +2.41%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall S ...

Essex Property Trust (ESS) came out with quarterly funds from operations (FFO) of $3.83 per share, beating the Zacks Consensus Estimate of $3.74 per share. This compares to FFO of $3.65 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 2.41%. A quarter ago, it was expected that this real estate investment trust would post FFO of $3.81 per share when it actually produced FFO of $3.83, delivering a surprise of 0.52%.Over the last four ...

We are in the middle of the current reporting cycle, and the real estate investment trust (REIT) space is buzzing with activity, with a number of earnings releases lined up for this week.Among the residential REITs, Essex Property Trust, Inc. (ESS) and UDR, Inc. (UDR) will release their quarterly numbers on Apr 30, while Mid-America Apartment Communities, Inc. (MAA) is slated for its earnings release on May 1.Per RealPage data, although there was a significant recovery in apartment demand in the first quart ...

Essex Property Trust, Inc. (ESS) is scheduled to report its first-quarter 2024 results on Apr 30 after market close. The company’s quarterly results are likely to reflect year-over-year growth in revenues and core funds from operations (FFO) per share.In the last reported quarter, this San Mateo, CA-based residential real estate investment trust (REIT) delivered a surprise of 0.52% in terms of core FFO per share. Results reflected favorable growth in same-property revenues and net operating income (NOI).Ove ...

Investors are always looking for stocks that are poised to beat at earnings season and Essex Property Trust, Inc. (ESS) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Essex Property Trust is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — ...