Conference Call Participants Operator It is now my pleasure to introduce your host, Ms. Angela Kleiman, President and Chief Executive Officer for Essex Property Trust. Thank you, Mr. Kleiman, you may begin. Good morning, and thank you for joining Essex fourth quarter earnings call. Barb Pak will follow with prepared remarks; Rylan Burns and Jessica Anderson are here for Q&A. I will start with the key highlights of our 2023 performance then discuss our expectations for 2024, followed by comments on the trans ...

Essex Property Trust Inc. (ESS) reported fourth-quarter 2023 core funds from operations (FFO) per share of $3.83, beating the Zacks Consensus Estimate of $3.81. The figure also improved 1.6% 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 issued first-quarter and full-year 2024 guidance for core FFO per share.Total revenues of $421.7 million outpaced the Zacks Co ...

公司财务表现 - Essex Property Trust (ESS) 截至2023年12月的季度收入为4.2175亿美元，同比增长1.6% [1] - 每股收益（EPS）为3.83美元，与去年同期的2.86美元相比有所增长 [1] - 公司的实际收入超出了Zacks Consensus Estimate 419.68百万美元，增长了0.49% [2] - EPS也超出了预期，为3.81美元的共识预期，增长了0.52% [2] 公司业绩表现 - Essex Property Trust在最近报告的季度中表现良好，特别是在财务占用率、租金收入和其他财产收入等方面 [5] [6] [7] [8] [9] 股票表现 - 公司股票在过去一个月中的表现为-7.2%，而Zacks S&P 500综合指数为+5.3% [11]

Essex Property Trust, Inc. (ESS) is scheduled to report its fourth-quarter and full-year 2023 results on Feb 6 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 0.27% in terms of core FFO per share. Results reflected favorable growth in same-property revenues, though higher same- ...

The upcoming report from Essex Property Trust (ESS) is expected to reveal quarterly earnings of $3.81 per share, indicating an increase of 1.1% compared to the year-ago period. Analysts forecast revenues of $419.68 million, representing an increase of 1.1% year over year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Prio ...

财务数据和关键指标变化 - 2023年第三季度核心FFO每股超出中值预期0.03美元 [14] - 2023年全年核心FFO每股和同店收入、费用、NOI增长率指引维持不变 [14] - 2023年前9个月约2%的租金拖欠率是历史平均水平的5倍 [5] - 2023年10月租金拖欠率降至1.3%,体现了公司在处理拖欠租金问题上的进展 [6] 各条业务线数据和关键指标变化 - 第三季度同店收入增长3.2% [20] - 第三季度续租增长率3%,10月续租增长率5.3% [21] - 第三季度新租增长率1.2%,反映了公司为填补拖欠租金单位而提供的优惠 [21] 各个市场数据和关键指标变化 - 西雅图市场第三季度净有效租金增长0.5%,环比提升70个基点 [23] - 北加州第三季度净有效租金增长1.4%,与第二季度持平 [24] - 南加州第三季度净有效租金增长3.7%,其中圣地亚哥表现最佳 [25] - 洛杉矶作为公司受拖欠租金影响最大的市场,10月拖欠率为4.6%,较年初下降2.1个百分点 [25] 公司战略和发展方向及行业竞争 - 公司预计2024年西海岸地区总供给仅增长0.5%,供给有限有利于公司在经济放缓时期表现 [7] - 公司看好科技行业复苏和人工智能行业发展对租房需求的提振作用 [8][9] - 公司认为湾区目前的可负担性是近年来最好的,将为未来租金增长提供长期支撑 [10] 管理层对经营环境和未来前景的评论 - 公司认为西海岸地区长期来看有望表现优于其他市场 [11] - 公司预计2024年运营成本将保持高位,主要受保险和公用事业成本上涨的影响 [16] - 公司表示将继续关注提高运营效率,过去4年公司可控成本年增长约2.75% [16] 问答环节重要的提问和回答 问题1 **Austin Wurschmidt 提问** 公司是否因需求环境变化而调整了运营策略,从推动新租金增长转向提升入住率 [29][30][31] **Jessica Anderson 回答** 公司调整策略主要是为了应对拖欠租金单位的回收,这会对新租金增长和入住率产生短期影响,但有利于2024年的收益 [30][31] 问题2 **Eric Wolfe 提问** 公司10月份拖欠租金大幅改善的原因,以及未来能否持续 [36][37] **Jessica Anderson 回答** 除洛杉矶和阿拉米达县外,其他地区的租金保护措施已于去年7月到期,拖欠租户已逐步通过法律程序被清退,加上租户意识到不再有保护措施,主动搬离的情况增加,公司对未来持续改善持谨慎乐观态度 [37] 问题3 **Daniel Tricarico 提问** 在2024年供给仅增长0.5%的情况下,需要什么样的需求环境才可能导致负的市场租金增长 [44][45] **Angela Kleiman 回答** 公司将在明年初发布更全面的市场展望,目前仍在评估第三方经济学家的预测,但公司相对其他市场的低供给有利于抵御租金增长下行风险,同时也为未来需求增长带来潜在上行空间 [45]

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 September 30, 2023 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, ...

Alexander Goldfarb - Piper Sandler & Co. Turning to the supply outlook. Our research forecast a slight reduction in 2023 deliveries as a few delay projects get pushed into 2024. While we have been pleased with the steady job growth achieved on the West Coast to start the year, we remain cognizant of the potential for more interest rate increases given the Fed's focus on inflation reduction. Thus, our job outlook contemplates a moderating economy as we approach year-end. And accordingly, our base case expect ...

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 June 30, 2023 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. ...

Jamie Feldman Great. Thank you. I was hoping to shift gears to the expense side. Can you talk about just the key line items in expenses? There's been a lot of volatility for insurance for people and taxes. Just kind of what gives you conviction on your current outlook for the different expense lines? And where do you think maybe there might be some risk either the upside or downside of the growth rates? I would say, on the insurance, we've already done our insurance renewal for the year. So that line is pre ...