Essex Announces Third Quarter 2022 Results

Rhea-AI Summary

Essex Property Trust reported its Q3 2022 results with a net income of $1.43 per share, down 21.4% from $1.82 in Q3 2021. Despite this, Core FFO reached a record high of $3.69, marking an 18.3% increase year-over-year. Total FFO increased by 3.3%. The company observed same-property revenue growth of 11.4% and net operating income growth of 15.4%. Essex completed $65.4 million in structured finance investments and repurchased $97.1 million worth of its shares. Full-year guidance was revised upwards for Core FFO to $14.42-$14.52.

Positive

• Core FFO per diluted share increased 18.3% year-over-year.
• Same-property revenues grew 11.4% compared to Q3 2021.
• Achieved highest Core FFO per share in the Company's history.
• Company repurchased 371,884 shares for $97.1 million.

Negative

• Net income decreased 21.4% year-over-year.
• Q3 net income per share of $1.43 is down from $1.82 in Q3 2021.
• Revised down full-year Total FFO guidance by $0.23.

SAN MATEO, Calif.--(BUSINESS WIRE)-- Essex Property Trust, Inc. (NYSE: ESS) (the “Company”) announced today its third quarter 2022 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, 2022 are detailed below.

	Three Months Ended September 30,			Nine Months Ended September 30,
			%			%
	2022	2021	Change	2022	2021	Change
Per Diluted Share
Net Income	$1.43	$1.82	-21.4%	$3.42	$5.40	-36.7%
Total FFO	$3.45	$3.34	3.3%	$9.93	$9.67	2.7%
Core FFO	$3.69	$3.12	18.3%	$10.75	$9.24	16.3%

Third Quarter 2022 Highlights:

• Reported Net Income per diluted share for the third quarter of 2022 of $1.43, compared to $1.82 in the third quarter of 2021.
• Achieved Core FFO per diluted share of $3.69, representing 18.3% growth compared to the third quarter of 2021 and exceeding the midpoint of the guidance range by $0.04.
• Achieved same-property revenues and net operating income (“NOI”) growth of 11.4% and 15.4%, respectively, compared to the third quarter of 2021. On a sequential basis, same-property revenues and NOI improved 1.9% and 0.6%, respectively.
• Committed $65.4 million in five structured finance investments at a weighted average return of 9.9%.
• Repurchased 371,884 shares of common stock totaling $97.1 million, including commissions, at an average price per share of $261.16 under the stock repurchase program.
• Subsequent to quarter end, the Company obtained a $300.0 million unsecured term loan swapped to an all-in fixed interest rate of 4.2%. The proceeds will be used to repay the Company’s $300.0 million unsecured notes due in May 2023.
• Revised the full-year Net Income per diluted share guidance range to $4.80 to $4.90.
• Raised full-year Core FFO per diluted share guidance by $0.02 at the midpoint to a range of $14.42 to $14.52. This represents 15.9% growth at the midpoint compared to the prior year.
• Reaffirmed the midpoint of the full-year guidance ranges for same-property revenues, expenses, and NOI.

“Our West Coast markets continued to deliver strong results in the third quarter, leading to Core FFO per share exceeding the midpoint of our guidance for the third time this year. Core FFO per share for the quarter was the highest in the Company’s history, now meaningfully above the pre-COVID levels at year-end 2019. This year’s exceptional growth is attributed to the ongoing recovery in our markets and strong execution from the Essex team. Looking ahead, we recognize that macroeconomic conditions could lead to headwinds for job growth, as reflected in our initial outlook for 2023 on page S-17 of our supplemental package. Despite limited visibility in this economic climate, we remain confident in the relative fundamentals of our markets, the strength of our balance sheet, and the Company’s ability to create value for its shareholders,” commented Michael 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, 2022 compared to the quarter ended September 30, 2021, and the sequential percentage change for the quarter ended September 30, 2022 compared to the quarter ended June 30, 2022, by submarket for the Company:

	Q3 2022 vs. Q3 2021	Q3 2022 vs. Q2 2022	% of Total
	Revenue Change	Revenue Change	Q3 2022 Revenues
Southern California
Los Angeles County	12.8%	-0.3%	18.4%
Orange County	10.6%	4.5%	11.2%
San Diego County	8.8%	3.6%	8.7%
Ventura County	10.7%	4.1%	4.1%
Total Southern California	11.2%	2.1%	42.4%
Northern California
Santa Clara County	12.9%	1.6%	18.5%
Alameda County	8.4%	2.3%	8.0%
San Mateo County	15.5%	2.8%	4.8%
Contra Costa County	5.6%	1.5%	5.6%
San Francisco	6.2%	0.1%	2.7%
Total Northern California	10.7%	1.7%	39.6%
Seattle Metro	13.3%	1.9%	18.0%
Same-Property Portfolio	11.4%	1.9%	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, 2022 and on a sequential basis for the third quarter of 2022.

Same-Property Revenue Components	Q3 2022 vs. Q3 2021	YTD 2022 vs. YTD 2021	Q3 2022 vs. Q2 2022
Scheduled Rents	8.9%	7.0%	2.9%
Delinquencies	0.1%	0.6%	-0.8%
Cash Concessions	2.5%	2.7%	0.1%
Vacancy	-0.8%	-0.7%	-0.2%
Other Income	0.6%	0.6%	0.0%
2022 Same-Property Revenue Growth	11.4%	10.2%	1.9%

	Year-Over-Year Change				Year-Over-Year Change
	Q3 2022 compared to Q3 2021				YTD 2022 compared to YTD 2021
	Revenues	Operating Expenses	NOI		Revenues	Operating Expenses	NOI
Southern California	11.2%	2.9%	14.9%		11.5%	4.6%	14.5%
Northern California	10.7%	4.8%	13.4%		8.2%	4.9%	9.7%
Seattle Metro	13.3%	-2.0%	21.2%		11.7%	-0.4%	17.7%
Same-Property Portfolio	11.4%	2.7%	15.4%		10.2%	3.8%	13.1%

	Sequential Change
	Q3 2022 compared to Q2 2022
	Revenues	Operating Expenses	NOI
Southern California	2.1%	4.3%	1.3%
Northern California	1.7%	4.7%	0.5%
Seattle Metro	1.9%	9.7%	-1.0%
Same-Property Portfolio	1.9%	5.4%	0.6%
	Financial Occupancies
	Quarter Ended
	9/30/2022	6/30/2022	9/30/2021
Southern California	96.2%	95.7%	97.1%
Northern California	96.0%	96.4%	95.9%
Seattle Metro	95.4%	96.3%	95.8%
Same-Property Portfolio	96.0%	96.1%	96.4%

Investment Activity

Real Estate

In July 2022, the Company acquired its joint venture partner’s 49.8% minority interest in two apartment communities, consisting of 211 apartment homes located in Los Angeles, CA, for a contract price of $32.9 million.

Other Investments

In the third quarter of 2022, the Company originated four preferred equity investments and one subordinated loan investment totaling $65.4 million at a weighted average return of 9.9%. All investments were fully funded at closing and consist of four stabilized multifamily communities and one multifamily community to be developed.

Subsequent to quarter end, the Company originated a subordinated loan investment for the development of a multifamily community totaling $32.1 million at a return of 11.3%. The investment is expected to be fully funded by the second quarter of 2023.

Liquidity and Balance Sheet

Common Stock

In the third quarter of 2022, the Company repurchased 371,884 shares of its common stock totaling $97.1 million, including commissions, at an average price of $261.16 per share. Year-to-date through September 30, 2022, the Company has repurchased 590,844 shares of its common stock totaling $158.0 million, including commissions, at an average price of $267.33 per share.

In September 2022, the Board of Directors approved the replacement of the Company’s prior repurchase program with a new, $500.0 million stock repurchase plan. As of October 24, 2022, the Company has $430.1 million of purchase authority remaining under the stock repurchase plan.

Balance Sheet

In July 2022, the Company’s $1.2 billion credit facility was extended and transitioned to SOFR. The unsecured credit facility has a new maturity date of January 2027 and two 6-month extension options, exercisable at the Company’s option. Pricing on the credit facility is Adjusted SOFR plus 0.75%, which is based on a tiered rate structure tied to the Company's corporate ratings and further adjusted by the facility's Sustainability Metric Grid.

Subsequent to quarter end, the Company obtained a new $300.0 million unsecured term loan priced at Adjusted SOFR plus 0.85%. The loan has been swapped to an all-in fixed rate of 4.2% and matures in October 2024 with three 12-month extension options, exercisable at the Company’s option. The loan includes a 6-month delayed draw feature with the proceeds expected to be drawn in April 2023 to repay the Company’s $300.0 million unsecured notes due in May 2023. This will result in no refinancing needs until 2024.

As of October 24, 2022, the Company has approximately $1.1 billion in liquidity via undrawn capacity on its unsecured credit facilities, cash, and marketable securities.

Guidance

For the third quarter of 2022, the Company exceeded the midpoint of the guidance range provided in its second quarter 2022 earnings release for Core FFO by $0.04 per diluted share.

The following table provides a reconciliation of third quarter 2022 Core FFO per diluted share to the midpoint of the guidance provided in the Company’s second quarter 2022 earnings release.

		Per Diluted Share
Projected midpoint of Core FFO per diluted share for Q3 2022	$	3.65
NOI from consolidated communities		0.02
FFO from Co-Investments		0.02
Core FFO per diluted share for Q3 2022 reported	$	3.69

The table below provides the Company’s 2022 full-year assumptions for Net Income, Total FFO, Core FFO per diluted share, and same-property growth. For additional details regarding the Company’s 2022 assumptions, please see page S-14 of the accompanying supplemental financial information. For the fourth quarter of 2022, the Company has established a range for Core FFO per diluted share of $3.67 to $3.77.

2022 Full-Year Guidance
	Previous Range	Previous Midpoint		Revised Range	Revised Midpoint	Change at the Midpoint
Per Diluted Share
Net Income	$4.76 - $4.96	$4.86		$4.80 - $4.90	$4.85	($0.01)
Total FFO	$13.78 - $13.98	$13.88		$13.60 - $13.70	$13.65	($0.23)
Core FFO	$14.35 - $14.55	$14.45		$14.42 - $14.52	$14.47	$0.02
Same-Property Growth on a Cash-Basis(1)
Revenues	10.0% - 10.6%	10.3%		10.1% - 10.5%	10.3%	-
Operating Expenses	3.0% - 3.5%	3.3%		3.1% - 3.4%	3.3%	-
NOI	13.0% - 14.0%	13.5%		13.1% - 13.9%	13.5%	-

(1)

The midpoint of the Company’s same-property revenues and NOI on a GAAP basis remain unchanged since second quarter 2022 earnings at 10.7% and 14.1%, respectively.

2022 External Guidance Assumptions
	Previous Range	Previous Midpoint		Revised Range	Revised Midpoint	Change at the Midpoint
Acquisitions	$250M - $400M	$325M		$216M - $216M	$216M	($109M)
Dispositions	$100M - $200M	$150M		$100M - $200M	$150M	-
Preferred Equity Commitments	$50M - $150M	$100M		$125M - $150M	$138M	$38M
Preferred Equity Redemptions	$200M - $250M	$225M		$200M - $250M	$225M	-

Conference Call with Management

The Company will host an earnings conference call with management to discuss its quarterly results on Thursday, October 27, 2022 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 2022 earnings link. To access the replay, dial (844) 512-2921 using the replay pin number 13733211. 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 at the Marriott Marquis in San Francisco, CA from November 15 - 17, 2022. 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 253 apartment communities comprising approximately 62,000 apartment homes with an additional property in 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, 2022 and 2021 (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			2022		2021		2022		2021
Net income available to common stockholders	$		92,842	$	118,390	$	223,150	$	351,680
Adjustments:
Depreciation and amortization			135,511		130,564		403,561		387,887
Gains not included in FFO			(17,423)		(42,897)		(17,423)		(145,253)
Depreciation and amortization from unconsolidated co-investments			18,288		15,044		54,532		44,592
Noncontrolling interest related to Operating Partnership units			3,247		4,168		7,800		12,403
Depreciation attributable to third party ownership and other			(357)		(145)		(1,064)		(412)
Funds from Operations attributable to common stockholders and unitholders	$		232,108	$	225,124	$	670,556	$	650,897
FFO per share – diluted	$		3.45	$	3.34	$	9.93	$	9.67
Expensed acquisition and investment related costs	$		230	$	108	$	248	$	164
Deferred tax expense (benefit) on unconsolidated co-investments (1)			1,755		3,041		(7,863)		5,391
Gain on sale of marketable securities			-		-		(12,430)		(2,499)
Change in unrealized losses (gains) on marketable securities, net			17,115		(7,091)		63,556		(23,772)
Provision for credit losses			(1)		(3)		(64)		(110)
Equity loss (income) from non-core co-investments (2)			1,563		(10,868)		31,117		(19,266)
Loss on early retirement of debt, net			2		-		2		18,982
Loss on early retirement of debt from unconsolidated co-investment			1		15		988		18
Co-investment promote income			-		-		(17,076)		-
Income from early redemption of preferred equity investments and notes receivable			-		-		(858)		(8,260)
General and administrative and other, net			882		252		2,327		765
Insurance reimbursements, legal settlements, and other, net			(5,069)		(4)		(5,077)		(190)
Core Funds from Operations attributable to common stockholders and unitholders	$		248,586	$	210,574	$	725,426	$	622,120
Core FFO per share – diluted	$		3.69	$	3.12	$	10.75	$	9.24
Weighted average number of shares outstanding diluted (3)			67,341,189		67,391,333		67,503,403		67,324,087

(1)		Represents deferred tax expense (benefit) related to net unrealized gains or losses on technology co-investments.
(2)		Represents the Company's share of co-investment loss (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 DownREIT limited partnership units.

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,
		2022		2021		2022		2021
Earnings from operations	$	128,608	$	137,971	$	367,086	$	428,733
Adjustments:
Corporate-level property management expenses		10,184		9,060		30,532		27,135
Depreciation and amortization		135,511		130,564		403,561		387,887
Management and other fees from affiliates		(2,886)		(2,237)		(8,313)		(6,707)
General and administrative		15,172		12,712		40,541		34,746
Expensed acquisition and investment related costs		230		108		248		164
Gain on sale of real estate and land		-		(42,897)		-		(142,993)
NOI		286,819		245,281		833,655		728,965
Less: Non-same property NOI		(17,631)		(11,942)		(49,031)		(35,293)
Same-Property NOI	$	269,188	$	233,339	$	784,624	$	693,672

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 related variants, and governmental measures intended to prevent its spread, inflation, the labor market, supply chain impacts and ongoing hostilities between Russia and Ukraine, 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, which 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 markets; 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 and uncertainties regarding ongoing hostilities between Russia and the Ukraine and the related impacts on macroeconomic conditions, including, among other things, interest rates and inflation. 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/20221026005913/en/

Rylan Burns

Group Vice President of Private Equity & Finance

(650) 655-7800

rburns@essex.com

Source: Essex Property Trust, Inc.

FAQ

What were Essex Property Trust's Q3 2022 earnings results?

Essex Property Trust reported a net income of $1.43 per share for Q3 2022, a 21.4% decrease from $1.82 in Q3 2021.

How did Essex's Core FFO perform in Q3 2022?

The Core FFO per diluted share for Q3 2022 was $3.69, representing an 18.3% year-over-year increase.

What growth did Essex Property Trust experience in same-property revenues?

Essex achieved same-property revenue growth of 11.4% compared to Q3 2021.

What is the revised guidance for Essex Property Trust's Core FFO in 2022?

The revised guidance for Core FFO per diluted share is between $14.42 and $14.52.

How much did Essex spend on stock repurchases in Q3 2022?

In Q3 2022, Essex repurchased 371,884 shares totaling $97.1 million.