Essex Property Trust, Inc - ESS STOCK NEWS

Essex Property Trust, Inc. (NYSE:ESS) has declared a quarterly cash dividend of $2.09 per common share, payable on October 15, 2021. Shareholders of record as of September 30, 2021 will receive this dividend. The company is a fully integrated real estate investment trust (REIT), focusing on multifamily residential properties across the West Coast, currently owning 246 apartment communities with around 60,000 apartment homes and three additional properties under development.

Essex Property Trust, Inc. (NYSE:ESS) has reaffirmed its full-year and Q3 2021 guidance while providing a preliminary operating update. The company reported a same-property revenue change of -8.1% in Q1 2021 and -3.0% in Q2 2021, with a preliminary increase of 2.6% for July-August 2021. Cash delinquencies were at 2.1% in Q1 2021, with a slight increase to 2.6% in Q2 2021. Financial occupancy remained stable at 96.7% in Q1, slightly decreasing to 96.4% in August 2021. Essex operates 246 communities with approximately 60,000 homes across the West Coast.

Essex Property Trust reported its Q2 2021 earnings showing a net income of $1.00 per diluted share, down 22.5% from $1.29 in Q2 2020, and a Core FFO of $3.04, exceeding guidance. However, same-property revenues and NOI declined by 3.0% and 4.2% respectively. The company raised guidance for full-year Net Income and Core FFO but noted continued pandemic-related uncertainty. Despite challenges, liquidity stands at approximately $1.3 billion, and the company experiences a growth in rents, slightly surpassing pre-pandemic levels.

Essex Property Trust (NYSE:ESS) plans to release its Q2 2021 earnings on July 29, 2021, after market close. A conference call with senior management is set for July 30, 2021, at 10:00 a.m. PT (1:00 p.m. ET). Investors can access the call via the website or by phone. The company is a leading real estate investment trust focused on multifamily properties on the West Coast, with 244 apartment communities and around 60,000 homes. For further details, visit www.essex.com.

Essex Property Trust (NYSE:ESS) has updated its Investor Presentation, raising its guidance for second quarter Core FFO and full-year metrics for same-property revenues and net operating income. This adjustment reflects improved market conditions. Interested parties can access the presentation on the company's website. Additionally, the firm will participate in the NAREIT Institutional Investor Forum from June 8-10, 2021, with the CEO, Michael J. Schall, presenting on June 8 at 2:15 p.m. ET.

Essex Property Trust (NYSE:ESS) announced the pricing of a public offering of $300 million in senior notes maturing in 2031 with an interest rate of 2.550%. The notes will help repay upcoming debts, including $300 million in senior unsecured notes due January 2023. The offering, which closes on June 1, 2021, is managed by various leading financial institutions. Proceeds will also support general corporate purposes. The offering is backed by Essex Property Trust, a fully integrated real estate investment trust focused on West Coast multifamily properties.

Essex Property Trust, Inc. (NYSE:ESS) has declared a quarterly cash dividend of $2.09 per common share, scheduled for payment on July 15, 2021. This dividend will benefit shareholders recorded as of June 30, 2021. Essex is a prominent real estate investment trust (REIT), specializing in multifamily residential properties throughout selected West Coast markets. The company currently owns 244 apartment communities with approximately 60,000 apartment homes and has an additional 5 properties under development.

Essex Property Trust (NYSE:ESS) has released its 2020 Corporate Social Responsibility (CSR) Report, highlighting 27 years of ESG achievements. Key accomplishments include a zero percent gender pay gap and a strong response to the COVID-19 pandemic, emphasizing employee safety and support for residents in hardship. CEO Michael J. Schall acknowledged the team's efforts during an unprecedented year and the ongoing progress toward ESG goals. The report can be accessed on the company's website.

Essex Property Trust reported its Q1 2021 earnings, highlighting a sharp decline in key financial metrics. Net income fell 45.6% to $2.59 per diluted share, while Total FFO decreased by 6.1% to $3.23, and Core FFO dropped 11.8% to $3.07. Same-property gross revenues and NOI declined by 8.1% and 12.3%, attributed to lower rents and increased cash concessions. The company increased its annual dividend to $8.36, marking the 27th consecutive annual increase. Essex disposed of three apartment communities for $275.5 million and issued $450 million in senior unsecured notes.