Essex Announces Third Quarter 2021 Results and Increases Full-Year 2021 Guidance

Rhea-AI Summary

Essex Property Trust reported its Q3 2021 earnings with net income per diluted share rising to $1.82, up 61.1% from Q3 2020, mainly due to higher real estate sales gains. Total FFO reached $3.34 per share, a 16.0% increase, while Core FFO slightly declined by 1.0% to $3.12. The company has increased its full-year net income guidance and Core FFO expectations due to improved operating results and demand for housing. Notably, same-property revenues increased by 2.7% year-over-year and 3.2% sequentially, driven by rising rents and lower concessions.

Positive

• Net Income per diluted share increased by 61.1% to $1.82.
• Total FFO rose by 16.0% to $3.34 per share.
• Core FFO guidance raised by $0.11 to $12.44, a 2.3% increase.
• Same-property revenues increased by 2.7% year-over-year and 3.2% sequentially.
• Full-year Net Income guidance increased to $6.39 - $6.49.

Negative

• Core FFO decreased by 1.0% year-over-year.
• Same-property NOI decreased by 5.1% year-to-date.

SAN MATEO, Calif.--(BUSINESS WIRE)-- Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its third quarter 2021 earnings results and related business activities.

Net Income, Funds from Operations (“FFO”), and Core FFO per diluted share for the three and nine months ended September 30, 2021 are detailed below.

	Three Months Ended September 30,			Nine Months Ended September 30,
			%			%
	2021	2020	Change	2021	2020	Change
Per Diluted Share
Net Income	$1.82	$1.13	61.1%	$5.40	$7.21	-25.1%
Total FFO	$3.34	$2.88	16.0%	$9.67	$9.53	1.5%
Core FFO	$3.12	$3.15	-1.0%	$9.24	$9.80	-5.7%

Third Quarter 2021 Highlights:

• Reported Net Income per diluted share for the third quarter of 2021 of $1.82, compared to $1.13 in the third quarter of 2020 due to a higher gain on sale of real estate and no loss on early retirement of debt in the current quarter.
• Reported Core FFO per diluted share of $3.12, exceeding the high-end of the Company’s guidance range due to better-than-expected operating results.
• Same-property revenues and net operating income (“NOI”) increased by 2.7% and 2.2%, respectively, compared to the third quarter of 2020. The improvement is largely attributed to declining concessions in the current period compared to the prior-year period.
• Same-property sequential revenues increased 3.2% led by an increase in scheduled rents and lower levels of concessions and delinquencies.
• Acquired one apartment community for $53.0 million and two operating commercial properties for future apartment development for contract prices totaling $86.0 million.
• Increased full-year Net Income per diluted share guidance range to $6.39 to $6.49. Provided Net Income guidance range for the fourth quarter of 2021 of $0.99 to $1.09 per diluted share.
• Raised the midpoint of full-year guidance for same-property revenues and NOI by 0.2% and 0.3% respectively. Raised full-year Core FFO per diluted share guidance by $0.11 at the midpoint, to $12.44, representing a 2.3% increase from the midpoint of the Company’s original guidance.

“For the second consecutive quarter, we are pleased to report Core FFO that exceeded our expectations, driven by improving net effective rent growth. The economic recovery on the West Coast has led to a significant increase in demand for housing and September net effective rents are 6.4% above pre-COVID levels for our portfolio. The strong recovery in fundamentals and rents has led us to increase our guidance for the third time this year. We remain cautiously optimistic that the West Coast is still in the early stages of the recovery with office re-openings and associated economic growth representing an additional catalyst for continuous rental demand,” commented Michael J. Schall, President and CEO of the Company.

Same-Property Operations

Same-property operating results exclude any properties that are not comparable for the periods presented. The table below illustrates the percentage change in same-property gross revenues for the quarter ended September 30, 2021 compared to the quarter ended September 30, 2020, and the sequential percentage change for the quarter ended September 30, 2021 compared to the quarter ended June 30, 2021, by submarket for the Company:

	Q3 2021 vs. Q3 2020	Q3 2021 vs. Q2 2021	% of Total
	Revenue Change	Revenue Change	Q3 2021 Revenues
Southern California
Los Angeles County	7.9%	4.9%	18.4%
Orange County	8.7%	4.6%	11.8%
San Diego County	11.5%	7.0%	9.3%
Ventura County	8.0%	3.5%	4.3%
Total Southern California	8.9%	5.1%	43.8%
Northern California
Santa Clara County	-4.5%	1.7%	17.5%
Alameda County	-0.6%	1.5%	6.5%
San Mateo County	-6.7%	-0.9%	4.8%
Contra Costa County	6.3%	4.5%	6.0%
San Francisco	-0.2%	2.9%	2.9%
Total Northern California	-2.2%	1.8%	37.7%
Seattle Metro	-0.6%	1.7%	18.5%
Same-Property Portfolio	2.7%	3.2%	100.0%

The table below illustrates the components that drove the change in same-property revenues on a year-over-year basis for the three- and nine-month periods ending September 30, 2021.

	Q3 2021 vs. Q3 2020			YTD 2021 vs. YTD 2020
Same-Property Revenue Components	$ Amount (in Millions)		% Contribution	$ Amount (in Millions)		% Contribution
Prior-Period Same-Property Revenues	$	316.6		$	986.9
Scheduled Rents		-3.5	-1.1%		-26.7	-2.7%
Delinquencies		1.6	0.5%		-1.3	-0.1%
Cash Concessions		8.4	2.6%		-10.6	-1.1%
Vacancy		1.4	0.4%		7.7	0.8%
Other Income		0.7	0.2%		1.9	0.2%
2021 Same-Property Revenues/Change	$	325.2	2.7%	$	957.9	-2.9%

The table below illustrates the components that drove the change in same-property revenues on a sequential basis for the three-month period ending September 30, 2021.

	Q3 2021 vs. Q2 2021
Same-Property Revenue Components	$ Amount (in Millions)		% Contribution
Prior-Period Same-Property Revenues	$	314.9
Scheduled Rents		4.6	1.5%
Delinquencies		3.3	1.0%
Cash Concessions		3.0	1.0%
Vacancy		-0.9	-0.3%
Other Income		0.3	0.1%
2021 Same-Property Revenues/Change	$	325.2	3.2%

	Year-Over-Year Change				Year-Over-Year Change
	Q3 2021 compared to Q3 2020				YTD 2021 compared to YTD 2020
	Revenues	Operating Expenses	NOI		Revenues	Operating Expenses	NOI
Southern California	8.9%	3.8%	11.3%		1.5%	1.5%	1.5%
Northern California	-2.2%	3.2%	-4.5%		-7.3%	3.3%	-11.3%
Seattle Metro	-0.6%	5.2%	-3.3%		-3.3%	2.2%	-5.8%
Same-Property Portfolio	2.7%	3.8%	2.2%		-2.9%	2.3%	-5.1%

	Sequential Change
	Q3 2021 compared to Q2 2021
	Revenues	Operating Expenses	NOI
Southern California	5.1%	7.0%	4.3%
Northern California	1.8%	5.4%	0.3%
Seattle Metro	1.7%	8.1%	-1.3%
Same-Property Portfolio	3.2%	6.6%	1.8%
	Financial Occupancies
	Quarter Ended
	9/30/2021	6/30/2021	9/30/2020
Southern California	97.1%	97.0%	95.9%
Northern California	95.9%	96.2%	96.2%
Seattle Metro	95.8%	96.7%	95.9%
Same-Property Portfolio	96.4%	96.6%	96.0%

Investment Activity

Real Estate

In September 2021, the Company purchased Third & Broad, a fully leased single tenant commercial property located in downtown Seattle, WA for $52.5 million. The Company will hold the property for future apartment development.

In September 2021, the Company purchased 7 South Linden, a commercial property located in South San Francisco, CA for $33.5 million. The property is fully leased to two commercial tenants. The Company is currently pursuing entitlements to construct an apartment community on the property.

In September 2021, the Company formed a new joint venture, Wesco VI, LLC (“Wesco VI”), with the State of Wisconsin Investment Board with a $150.0 million equity commitment from each partner and total purchasing power of up to $660.0 million. Essex has a 50% ownership interest in the venture. Wesco VI acquired two apartment communities for a combined contract price of $108.0 million. Both communities are located in Snohomish County, WA and contain 294 apartment homes. One of these properties closed during the third quarter of 2021 and the other occurred subsequent to quarter end.

Dispositions

In August 2021, the Company sold a non-core multifamily community containing 276 apartment homes in Hemet, CA for a total contract price of $54.5 million. The Company recognized a $42.9 million gain on sale, which has been excluded from Core FFO.

Other Investments

In the third quarter of 2021, the Company originated two preferred equity investments totaling $37.2 million. The investments have a weighted average initial preferred return of 12.2% and were partially funded in the third quarter.

Subsequent to quarter end, the Company originated a subordinated loan investment totaling $50.0 million with an 11.0% return. This investment will fund concurrent with the senior construction loan which is scheduled to begin funding in the second half of 2022.

In August 2021, the Company received cash proceeds of $21.6 million from the partial redemption of a preferred equity investment.

Development Activity

The Company’s sole development property in lease-up, Wallace on Sunset in Hollywood, CA, is 89.5% leased as of October 22, 2021.

Liquidity and Balance Sheet

Common Stock

In the third quarter of 2021, the Company did not issue any shares of common stock through its equity distribution program or repurchase any shares through its stock repurchase plan.

Balance Sheet

In July 2021, Wesco I, a joint venture in which the Company owns a 57.7% interest, refinanced five apartment communities with a new $275.6 million secured term loan. The loan is priced at LIBOR + 1.35% and matures in 2026.

In September 2021, the Company amended and restated its $1.2 billion unsecured line of credit facility. The amended facility includes a 5 basis point reduction in borrowing costs to LIBOR plus 0.775% and an extension of the maturity date to September 2025 with three 6-month extensions, exercisable at the Company’s option. Additionally, the amended facility now incorporates a sustainability-linked pricing component which could reduce the borrowing spread up to 2.5 basis points if certain environmental goals are achieved.

As of October 22, 2021, the Company has approximately $1.3 billion in liquidity via undrawn capacity on its unsecured credit facilities, cash, and marketable securities.

Guidance

For the third quarter of 2021, the Company exceeded the midpoint of the guidance range provided in its second quarter 2021 earnings release for Core FFO by $0.08 per diluted share.

The following table provides a reconciliation of third quarter 2021 Core FFO per diluted share to the midpoint of the guidance provided in the Company’s second quarter 2021 earnings release.

	Per Diluted Share
Projected midpoint of Core FFO per diluted share for Q3 2021	$	3.04
NOI from consolidated communities		0.04
FFO from Co-investments		0.02
G&A and other		0.02
Core FFO per diluted share for Q3 2021 reported	$	3.12

The table below provides key changes to the Company’s 2021 full-year assumptions for Net Income, Total FFO, Core FFO per diluted share, and same-property growth. For additional details regarding the Company’s 2021 assumptions, please see page S-14 of the accompanying supplemental financial information. For the fourth quarter of 2021, the Company has established a range for Core FFO per diluted share of $3.15 to $3.25.

2021 Full-Year Guidance

	Previous Range	Previous Midpoint		Revised Range	Revised Midpoint	Δ at the Midpoint
Per Diluted Share
Net Income	$5.42 - $5.66	$5.54		$6.39 - $6.49	$6.44	$0.90
Total FFO	$12.42 - $12.66	$12.54		$12.82 - $12.92	$12.87	$0.33
Core FFO	$12.21 - $12.45	$12.33		$12.39 - $12.49	$12.44	$0.11
Same-Property Growth
Revenues	-1.6% to -1.2%	-1.4%		-1.3% to -1.1%	-1.2%	0.2%
Operating Expenses	2.0% to 2.5%	2.3%		2.2% to 2.4%	2.3%	0.0%
NOI	-3.3% to -2.6%	-3.0%		-2.9% to -2.5%	-2.7%	0.3%

Conference Call with Management

The Company will host an earnings conference call with management to discuss its quarterly results on Wednesday, October 27, 2021 at 11:00 a.m. PT (2:00 p.m. ET), which will be broadcast live via the Internet at www.essex.com, and accessible via phone by dialing toll-free, (877) 407-0784, or toll/international, (201) 689-8560. No passcode is necessary.

A rebroadcast of the live call will be available online for 30 days and digitally for 7 days. To access the replay online, go to www.essex.com and select the third quarter 2021 earnings link. To access the replay, dial (844) 512-2921 using the replay pin number 13723636. If you are unable to access the information via the Company’s website, please contact the Investor Relations Department at investors@essex.com or by calling (650) 655-7800.

Upcoming Events

The Company is scheduled to participate in the National Association of Real Estate Investment Trusts (“NAREIT”) REITWorld Conference held virtually from November 9 - 11, 2021. A copy of any materials provided by the Company at the conference will be made available on the Investors section of the Company’s website at www.essex.com.

Corporate Profile

Essex Property Trust, Inc., an S&P 500 company, is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Essex currently has ownership interests in 247 apartment communities comprising approximately 60,000 apartment homes with an additional 3 properties in various stages of active development. Additional information about the Company can be found on the Company’s website at www.essex.com.

This press release and accompanying supplemental financial information has been furnished to the Securities and Exchange Commission electronically on Form 8-K and can be accessed from the Company’s website at www.essex.com. If you are unable to obtain the information via the Web, please contact the Investor Relations Department at (650) 655-7800.

FFO RECONCILIATION

FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), is generally considered by industry analysts as an appropriate measure of performance of an equity REIT. Generally, FFO adjusts the net income of equity REITs for non-cash charges such as depreciation and amortization of rental properties, impairment charges, gains on sales of real estate and extraordinary items. 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. By excluding gains or losses related to sales of depreciated operating properties and excluding real estate depreciation (which can vary among owners of identical assets in similar condition based on historical cost accounting and useful life estimates), FFO can help investors compare the operating performance of a real estate company between periods or as compared to different companies. By further adjusting for items that are not considered part of the Company’s core business operations, Core FFO allows investors to compare the core operating performance of the Company to its performance in prior reporting periods and to the operating performance of other real estate companies without the effect of items that by their nature are not comparable from period to period and tend to obscure the Company’s actual operating results. FFO and Core FFO do not represent net income or cash flows from operations as defined by U.S. generally accepted accounting principles (“GAAP”) and are not intended to indicate whether cash flows will be sufficient to fund cash needs. These measures should not be considered as alternatives to net income as an indicator of the REIT's operating performance or to cash flows as a measure of liquidity. FFO and Core FFO do not measure whether cash flow is sufficient to fund all cash needs including principal amortization, capital improvements and distributions to stockholders. FFO and Core FFO also do not represent cash flows generated from operating, investing or financing activities as defined under GAAP. Management has consistently applied the NAREIT definition of FFO to all periods presented. However, there is judgment involved and other REITs’ calculation of FFO may vary from the NAREIT definition for this measure, and thus their disclosures of FFO may not be comparable to the Company’s calculation.

The following table sets forth the Company’s calculation of diluted FFO and Core FFO for the three and nine months ended September 30, 2021 and 2020 (in thousands, except for share and per share amounts):

	Three Months Ended September 30,								Nine Months Ended September 30,
Funds from Operations attributable to common stockholders and unitholders	2021				2020				2021				2020
Net income available to common stockholders	$	118,390			$	73,661			$	351,680			$	473,125
Adjustments:
Depreciation and amortization		130,564				130,202				387,887				395,370
Gains not included in FFO		(42,897	)			(24,879	)			(145,253	)			(276,170	)
Depreciation and amortization from unconsolidated co-investments		15,044				12,883				44,592				38,191
Noncontrolling interest related to Operating Partnership units		4,168				2,593				12,403				16,543
Depreciation attributable to third party ownership and other		(145	)			(134	)			(412	)			(407	)
Funds from Operations attributable to common stockholders and unitholders	$	225,124			$	194,326			$	650,897			$	646,652
FFO per share – diluted	$	3.34			$	2.88			$	9.67			$	9.53
Expensed acquisition and investment related costs	$	108			$	2			$	164			$	104
Deferred tax expense on unrealized gain on unconsolidated co-investment (1)		3,041				-				5,391				1,636
Gain on sale of marketable securities		-				(91	)			(2,499	)			(124	)
Unrealized gains on marketable securities		(7,091	)			(3,288	)			(23,772	)			(2,215	)
Provision for credit losses		(3	)			3				(110	)			100
Equity income from non-core co-investment (2)		(10,868	)			213				(19,266	)			(4,373	)
Loss on early retirement of debt, net		-				19,114				18,982				23,820
Loss (gain) on early retirement of debt from unconsolidated co-investment		15				-				18				(38	)
Co-investment promote income		-				-				-				(6,455	)
Income from early redemption of preferred equity investments and notes receivable		-				-				(8,260	)			(210	)
General and administrative and other, net		252				2,510				765				5,642
Insurance reimbursements legal settlements, and other, net		(4	)			132				(190	)			69
Core Funds from Operations attributable to common stockholders and unitholders	$	210,574			$	212,921			$	622,120			$	664,608
Core FFO per share – diluted	$	3.12			$	3.15			$	9.24			$	9.80
Weighted average number of shares outstanding diluted (3)		67,391,333				67,495,286				67,324,087				67,837,336

(1)		Represents deferred tax expense related to net unrealized gains on technology co-investments.
(2)		Represents the Company’s share of co-investment income from technology co-investments.
(3)		Assumes conversion of all outstanding limited partnership units in Essex Portfolio, L.P. (the “Operating Partnership”) into shares of the Company’s common stock and excludes all DownREIT limited partnership units for which the Operating Partnership has the ability and intention to redeem the units for cash and does not consider them to be common stock equivalents.

Net Operating Income (“NOI”) and Same-Property NOI Reconciliations

NOI and Same-Property NOI are considered by management to be important supplemental performance measures to earnings from operations included in the Company’s consolidated statements of income. The presentation of same-property NOI assists with the presentation of the Company’s operations prior to the allocation of depreciation and any corporate-level or financing-related costs. NOI reflects the operating performance of a community and allows for an easy comparison of the operating performance of individual communities or groups of communities. In addition, because prospective buyers of real estate have different financing and overhead structures, with varying marginal impacts to overhead by acquiring real estate, NOI is considered by many in the real estate industry to be a useful measure for determining the value of a real estate asset or group of assets. The Company defines same-property NOI as same-property revenues less same-property operating expenses, including property taxes. Please see the reconciliation of earnings from operations to NOI and same-property NOI, which in the table below is the NOI for stabilized properties consolidated by the Company for the periods presented (dollars in thousands):

	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2020				2021				2020
Earnings from operations	$	137,971			$	128,937			$	428,733			$	379,510
Adjustments:
Corporate-level property management expenses		9,068				8,619				27,120				26,024
Depreciation and amortization		130,564				130,202				387,887				395,370
Management and other fees from affiliates		(2,237	)			(2,347	)			(6,707	)			(7,312	)
General and administrative		12,712				13,310				34,746				42,244
Expensed acquisition and investment related costs		108				2				164				104
Gain on sale of real estate and land		(42,897	)			(22,654	)			(142,993	)			(39,251	)
NOI		245,289				256,069				728,950				796,689
Less: Non-same property NOI		(22,807	)			(38,308	)			(67,844	)			(99,957	)
Same-Property NOI	$	222,482			$	217,761			$	661,106			$	696,732

Safe Harbor Statement Under The Private Litigation Reform Act of 1995:

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. Words such as “expects,” “assumes,” “anticipates,” “may,” “will,” “intends,” “plans,” “projects,” “believes,” “seeks,” “future,” “estimates,” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, among other things, statements regarding the Company’s expectations related to the continued impact of the COVID-19 pandemic and related variants on the Company’s business, financial condition and results of operations and the impact of any additional measures taken to mitigate the impact of the pandemic, the Company’s intent, beliefs or expectations with respect to the timing of completion of current development and redevelopment projects and the stabilization of such projects, the timing of lease-up and occupancy of its apartment communities, the anticipated operating performance of its apartment communities, the total projected costs of development and redevelopment projects, co-investment activities, qualification as a REIT under the Internal Revenue Code of 1986, as amended, the real estate markets in the geographies in which the Company’s properties are located and in the United States in general, the adequacy of future cash flows to meet anticipated cash needs, its financing activities and the use of proceeds from such activities, the availability of debt and equity financing, general economic conditions including the potential impacts from such economic conditions, including as a result of the COVID-19 pandemic and governmental measures intended to prevent its spread, trends affecting the Company’s financial condition or results of operations, changes to U.S. tax laws and regulations in general or specifically related to REITs or real estate, changes to laws and regulations in jurisdictions in which communities the Company owns are located, and other information that is not historical information.

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. The Company cannot assure the future results or outcome of the matters described in these statements; rather, these statements merely reflect the Company’s current expectations of the approximate outcomes of the matters discussed. Factors that might cause the Company’s actual results, performance or achievements to differ materially from those expressed or implied by these forward-looking statements include, but are not limited to, the following: the continued impact of the COVID-19 pandemic and related variants, which remains inherently uncertain as to duration and severity, and any additional governmental measures taken to limit its spread and other potential future outbreaks of infectious diseases or other health concerns could continue to adversely affect the Company’s business and its tenants, and cause a significant downturn in general economic conditions, the real estate industry, and the markets in which the Company's communities are located; the Company may fail to achieve its business objectives; the actual completion of development and redevelopment projects may be subject to delays; the stabilization dates of such projects may be delayed; the Company may abandon or defer development or redevelopment projects for a number of reasons, including changes in local market conditions which make development less desirable, increases in costs of development, increases in the cost of capital or lack of capital availability, resulting in losses; the total projected costs of current development and redevelopment projects may exceed expectations; such development and redevelopment projects may not be completed; development and redevelopment projects and acquisitions may fail to meet expectations; estimates of future income from an acquired property may prove to be inaccurate; occupancy rates and rental demand may be adversely affected by competition and local economic and market conditions; there may be increased interest rates and operating costs; the Company may be unsuccessful in the management of its relationships with its co-investment partners; future cash flows may be inadequate to meet operating requirements and/or may be insufficient to provide for dividend payments in accordance with REIT requirements; changes in laws or regulations; the terms of any refinancing may not be as favorable as the terms of existing indebtedness; unexpected difficulties in leasing of development projects; volatility in financial and securities market; the Company’s failure to successfully operate acquired properties; unforeseen consequences from cyber-intrusion; the Company’s inability to maintain our investment grade credit rating with the rating agencies; government approvals, actions and initiatives, including the need for compliance with environmental requirements; and those further risks, special considerations, and other factors referred to in the Company’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports that the Company files with the SEC from time to time. Additionally, the risks, uncertainties and other factors set forth above or otherwise referred to in the reports that the Company has filed with the SEC may be further amplified by the global impact of the COVID-19 pandemic and related variants. All forward-looking statements are made as of the date hereof, the Company assumes no obligation to update or supplement this information for any reason, and therefore, they may not represent the Company’s estimates and assumptions after the date of this press release.

Definitions and Reconciliations

Non-GAAP financial measures and certain other capitalized terms, as used in this earnings release, are defined and further explained on pages S-18.1 through S-18.4, "Reconciliations of Non-GAAP Financial Measures and Other Terms," of the accompanying supplemental financial information. The supplemental financial information is available on the Company's website at www.essex.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211026006224/en/

Rylan Burns

Group Vice President of Private Equity & Finance

(650) 655-7800

rburns@essex.com

Source: Essex Property Trust, Inc.

FAQ

What were the earnings results for Essex Property Trust in Q3 2021?

Essex reported net income per diluted share of $1.82, up 61.1%, and total FFO of $3.34, a 16.0% increase.

How did Essex Property Trust's same-property revenues perform in Q3 2021?

Same-property revenues increased by 2.7% year-over-year and 3.2% sequentially.

What is Essex Property Trust's guidance for Core FFO in 2021?

The full-year Core FFO guidance has been increased by $0.11 to $12.44, representing a 2.3% increase.

What factors contributed to Essex Property Trust's earnings growth in Q3 2021?

Growth in earnings was driven by higher gains from real estate sales and improved demand for housing.

What was the impact of concessions on Essex Property Trust's revenues in Q3 2021?

Lower levels of concessions contributed to the increase in same-property sequential revenues.