Essex Property Trust Provides Preliminary Third Quarter 2021 Operating Update
09/09/2021 - 08:30 AM
SAN MATEO, Calif. --(BUSINESS WIRE)--
Essex Property Trust, Inc. (NYSE:ESS) announced today that it is reaffirming its full-year and third quarter 2021 guidance ranges and providing a preliminary third quarter 2021 operating update.
Same-property revenue change, operating statistics, and net effective new lease rates by region are reflected in the tables below:
Same-Property Revenue Change(1)
Q1 2021
Actuals
Q2 2021
Actuals
Jul – Aug 2021
Preliminary
Southern California
-5.8%
2.0%
9.5%
Northern California
-10.9%
-8.4%
-2.9%
Seattle
-7.0%
-2.3%
-0.8%
Total Same-Property
-8.1%
-3.0%
2.6%
1)
Reflects the year-over-year change in same-property revenues.
Same-Property Operating Statistics and Net Effective New Lease Rates(1)
Q1 2021
Q2 2021
Jul 2021
Preliminary
Aug 2021
Cash delinquencies(2)
2.1%
2.6%
2.2%
0.8%
Financial occupancy
96.7%
96.6%
96.5%
96.4%
Southern California
vs. Dec'20
0.7%
4.8%
12.7%
17.1%
vs. Pre-COVID
-2.4%
1.6%
9.3%
13.5%
Northern California
vs. Dec'20
0.3%
3.1%
10.0%
12.7%
vs. Pre-COVID
-16.2%
-13.8%
-8.1%
-5.8%
Seattle
vs. Dec'20
-0.7%
8.2%
22.8%
26.0%
vs. Pre-COVID
-14.5%
-6.8%
5.8%
8.5%
Total Same-Property
vs. Dec'20
0.3%
4.8%
13.4%
17.0%
vs. Pre-COVID
-10.2%
-6.2%
1.5%
4.7%
1)
Table reflects the % change of new lease rates on a net effective basis, including the impact of leasing incentives, compared to Dec’20 and Mar’20 (pre-COVID).
2)
Represents total same-property portfolio cash delinquencies as a percentage of scheduled rent, reflected in the financial statements of the reporting period. Year-to-date through August 2021 , the Company has received $7.1 million in delinquency reimbursements associated with COVID rental assistance programs.
About Essex Property Trust, Inc.
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 246 apartment communities comprising approximately 60,000 apartment homes with an additional 3 properties in various stages of active development. Additional information about the Company can be found on the Company’s website at www.essex.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20210909005274/en/
Rylan Burns
Group Vice President of Private Equity & Finance
(650) 655-7800
rburns@essex.com
Source: Essex Property Trust, Inc.
Essex Property Trust, Inc.
ESS Rankings
#2461 Ranked by Stock Gains
ESS Stock Data
Industry
Other Financial Vehicles
Sector
Finance and Insurance
Tags
Finance, Real Estate Investment Trusts, Finance and Insurance, Other Financial Vehicles
Country
US
City
San Mateo
About ESS
essex property trust, inc., is a fully integrated real estate investment trust (reit) that acquires, develops, redevelops, and manages multifamily residential properties in selected west coast communities. since its founding in 1971, essex has developed a clearly defined approach for creating value and managing risk. the company's approach has three components - a sound real estate strategy, an experienced management team, and a strong financial condition. these three factors have contributed to the company's historical results and future growth potential.