Image Source: Zacks Investment Research In addition, its trailing 12-month return on equity (ROE) is 9.22% compared with the industry's average of 2.96%. This reflects that the company is more efficient in using shareholders' funds than its peers. Other Stocks to Consider Let us now decipher the factors behind the surge in the stock price and also check whether this trend will last. On the balance sheet front, Essex Property maintains a healthy balance sheet and enjoys financial flexibility. As of Apr 29, 2 ...

Favorable Supply/Demand Dynamics Fueled Q1 Outperformance • Issued $350.0 million of 10-year senior unsecured notes due in April 2034 bearing an interest rate of 5.50% per annum and an effective yield of 5.52%. The driving force responsible for ESS' rental revenue growth was strength in scheduled rents. The 2.2% growth rate over the year-ago period in scheduled rents was achieved through a balance between new lease growth and renewals. Disciplined expense management helped the company's core FFO margin expa ...

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 ...

财务数据和关键指标变化 - 公司第一季度核心FFO每股超出原指引中值9美分,主要得益于同店收入增长超预期,带来6美分的贡献 [19] - 公司全年指引中值上调20美分,涨幅1.3%,主要由于两个因素:1)坏账率改善快于预期,带来40个基点的上调;2)其他收入优化带来15个基点的上调 [20][21] - 公司收购BEXAEW合资公司权益,带来3美分的FFO增厚 [21] 各条业务线数据和关键指标变化 - 公司在西雅图和北加州市场表现最佳,分别实现3.6%和2.1%的租金增长 [12] - 南加州市场表现稳定,租金增长1.7% [13] - 洛杉矶和阿拉米达县的坏账拖累了新租租金增长,如果剔除这两个地区,新租租金增长将高出150个基点 [11][13] 各个市场数据和关键指标变化 - 西雅图市场表现最佳,新租租金增长1.3%,主要受益于东区需求 [12] - 北加州市场中,圣马特奥表现最佳,但东湾地区受阿拉米达县坏账拖累 [12] - 南加州市场中,洛杉矶地区的坏账拖累了新租租金增长 [13] 公司战略和发展方向及行业竞争 - 公司将通过收购实现外部增长,同时保持谨慎的资本配置策略 [15][17] - 公司的合资平台为股东创造了20%的IRR和1.6亿美元的分红收益,是公司的另一个吸引的资本来源 [16] - 公司认为目前交易市场交易量较低,但买家需求强劲,核心资产的收购收益率在4.5%左右 [15] 管理层对经营环境和未来前景的评论 - 公司认为美国经济增长前景存在不确定性,高收入岗位增长乏力,是推动租金增长的关键因素 [7][8] - 但公司所在市场的有限供给和租金负担能力仍是租金增长的支撑 [9][10] - 公司认为洛杉矶和阿拉米达县的坏账问题将持续拖累这些地区的新租租金增长 [31][51] 问答环节重要的提问和回答 问题1 **Austin Wurschmidt 提问** 洛杉矶和阿拉米达县的坏账问题是否会持续拖累新租租金增长 [28] **Angela Kleiman 回答** 洛杉矶地区的坏账问题将持续拖累,阿拉米达县的情况有所好转,但仍是较小的部分 [31] 问题2 **Daniel Tricarico 提问** 公司对西雅图市场的看法,包括不同子市场的表现和未来供给预期 [39] **Angela Kleiman 回答** 公司在东区的资产占比超60%,受益于该区域供给较少,表现较好;市中心供给预期未来几个季度将有一定交付 [43][44] 问题3 **Haendel St. Juste 提问** 公司对mezz贷款业务的看法,未来是否有继续增加的计划 [82] **Barb Pak 回答** 公司目前mezz贷款资产中有4笔在监测名单上,其中3笔将在未来2-3个季度到期,公司正在与借款人积极沟通,未来不会有新增mezz贷款 [83][84][85]

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 ...