NYSE$ESS
Essex Property Trust Inc · Q4 2024 earnings
Q4 2024 earnings · · After market close · Investor relations
Briefing
Essex Property Trust's Q4 2024 performance was marked by significant net income growth, driven by gains on real estate sales and co-investment remeasurements, alongside strong Core FFO per diluted share growth exceeding original guidance, primarily due to favorable same-property revenue growth.
Essex Property Trust reported a substantial increase in net income per diluted share for Q4 2024, alongside growth in Core FFO per diluted share, exceeding original guidance. Same-property revenues and NOI also saw growth, contributing to the company's strong performance.
- Net Income per diluted share increased to $4.00, significantly higher compared to $1.02 in Q4 2023, driven by gains on sale of real estate and co-investment remeasurements.
- Core FFO per diluted share grew by 2.3% compared to Q4 2023, exceeding the high-end of the Company’s original guidance range.
- Same-property revenues and NOI grew by 2.6% and 1.7%, respectively, compared to Q4 2023.
- The Company acquired Beaumont, a 344-unit apartment home community in Woodinville, WA for $136.1 million.
Headline financials
Revenue & EPS history
Essex Property Trust · Revenue · Quarterly
$454M
Forward guidance
Essex Property Trust anticipates a healthy but moderating U.S. economy with the West Coast gaining relative strength. The company expects blended rate growth of 3.0% at the midpoint, driven by higher job growth and muted supply growth. Source: Essex
Tailwinds
- Blended rate growth of 3.0% at the midpoint
- New Lease Rate Growth of 2.5% (2.0% to 3.0%)
- Renewal Rate Growth of 3.5% (3.0% to 4.0%)
- Total NOI from Consolidated Communities expects growth between $1,293,000 to $1,320,000
- 2025 guidance excludes inestimable projected gain on sale of real estate and land, gain on sale of marketable securities, loss on early retirement of debt, political/legislative costs, and promote income until they are realized within the reporting period presented in the report.
Headwinds
- Preferred Equity Redemptions expects a decrese of ($0.19)
- 2025 Refinancings expects a decrease of ($0.15)
- 2024 Subordinated Loan Redemptions expects a decrease of ($0.05)
- Interest Expense before capitalized interest expects increase between ($253,300 ) and ($250,200 )
- Corporate-level property management expenses expects a decrease between ($48,000 ) and ($49,000 )
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2024
+0.3%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+2.1%
Avg return
30 days after
52%
35 / 67 earnings
Positive
+6.9%
Q2 2016
Best reaction
-6.3%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.9% | -1.2% | +1.9% | |
| Q4 2025 | -0.4% | +3.9% | +1.0% | |
| Q3 2025 | +1.2% | +3.8% | +6.7% | |
| Q1 2025 | +1.5% | +4.8% | +3.2% | |
| Q4 2024 | +3.0% | +1.4% | +5.1% | |
| Q3 2024 | -1.9% | -7.6% | +4.4% | |
| Q2 2024 | -2.7% | -1.5% | +4.2% | |
| Q1 2024 | -1.0% | +0.9% | +3.1% | |
| Q4 2023 | -0.6% | -0.2% | +5.3% | |
| Q3 2023 | -1.8% | +1.7% | +2.1% | |
| Q2 2023 | -0.9% | +1.9% | -0.9% | |
| Q1 2023 | +6.7% | +5.4% | +2.1% | |
| Q4 2022 | +3.8% | +3.2% | -0.0% | |
| Q3 2022 | -6.3% | -6.0% | -10.1% | |
| Q2 2022 | +1.3% | +4.6% | +3.6% | |
| Q1 2022 | -1.8% | -5.4% | -18.7% | |
| Q4 2021 | -0.5% | -2.5% | +2.6% | |
| Q3 2021 | +2.1% | +1.5% | +6.7% | |
| Q2 2021 | -0.9% | -1.0% | -3.1% | |
| Q1 2021 | -3.3% | -2.1% | -1.8% | |
| Q4 2020 | +4.0% | +4.5% | +6.7% | |
| Q3 2020 | +1.1% | +11.1% | +28.0% | |
| Q2 2020 | -2.9% | +1.1% | +0.1% | |
| Q1 2020 | +1.9% | -0.7% | +7.4% | |
| Q4 2019 | +1.2% | +1.0% | -8.1% | |
| Q3 2019 | -1.4% | -2.3% | -6.1% | |
| Q2 2019 | +1.0% | +4.1% | +6.6% | |
| Q1 2019 | +0.5% | +0.3% | +5.1% | |
| Q4 2018 | +0.9% | +2.1% | +3.8% | |
| Q3 2018 | +3.1% | -0.0% | +5.0% | |
| Q2 2018 | -2.6% | +1.0% | +2.4% | |
| Q1 2018 | -1.0% | +0.3% | -1.0% | |
| Q4 2017 | -0.2% | +4.1% | +8.5% | |
| Q3 2017 | -3.3% | -3.3% | -5.9% | |
| Q2 2017 | -0.9% | -1.5% | -0.6% | |
| Q1 2017 | +1.4% | +3.1% | +6.3% | |
| Q4 2016 | +0.6% | +1.0% | +4.0% | |
| Q3 2016 | +0.9% | +2.8% | +2.6% | |
| Q2 2016 | +6.9% | +5.8% | +1.5% | |
| Q1 2016 | -1.9% | — | — | |
| Q4 2015 | -3.7% | — | — | |
| Q3 2015 | -1.2% | — | — | |
| Q2 2015 | +1.1% | — | — | |
| Q1 2015 | +2.2% | — | — | |
| Q4 2014 | +0.9% | — | — | |
| Q3 2014 | +3.0% | — | — | |
| Q2 2014 | -0.6% | — | — | |
| Q1 2014 | +2.0% | — | — | |
| Q4 2013 | +3.6% | — | — | |
| Q3 2013 | -0.8% | — | — | |
| Q2 2013 | -1.9% | — | — | |
| Q1 2013 | -1.4% | — | — | |
| Q4 2012 | +0.6% | — | — | |
| Q3 2012 | -1.1% | — | — | |
| Q2 2012 | -0.7% | — | — | |
| Q1 2012 | +1.3% | — | — | |
| Q4 2011 | -1.8% | — | — | |
| Q3 2011 | +0.4% | — | — | |
| Q2 2011 | +3.4% | — | — | |
| Q1 2010 | +2.8% | — | — | |
| Q1 2011 | +2.4% | — | — | |
| Q4 2010 | +5.3% | — | — | |
| Q4 2008 | +5.3% | — | — | |
| Q3 2009 | -2.7% | — | — | |
| Q3 2010 | -2.7% | — | — | |
| Q2 2009 | +0.8% | — | — | |
| Q2 2010 | +0.8% | — | — |
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