Essex Property Trust, Inc. reports recurring financial and operating updates for an apartment portfolio concentrated in Southern California, Northern California and the Seattle metro area. Company news commonly covers net income, Funds from Operations and Core FFO, as well as same-property revenue and net operating income by West Coast submarket.
Recurring announcements also include common-stock dividend declarations and distribution tax characteristics, annual-shareholder-meeting record dates, proxy-related meeting logistics and management participation in real estate conferences. Capital-market items may involve Essex Portfolio, L.P., the operating partnership used in the company’s financing structure.
Essex Property Trust (NYSE:ESS) has announced its 31st consecutive annual dividend increase, with the Board of Directors approving a 4.9% increase to its annual cash dividend. The company declared a first quarter dividend of $2.57 per share, payable on April 15, 2025, to shareholders of record as of March 31, 2025. On an annualized basis, this represents a distribution of $10.28 per common share.
The company also announced its Annual Meeting of Shareholders, to be held virtually on Tuesday, May 13, 2025, at 10:00 a.m. Pacific Time. Shareholders of record as of February 28, 2025, will be entitled to vote at the meeting. Essex Property Trust, an S&P 500 company, currently manages 256 apartment communities comprising over 62,000 apartment homes in selected West Coast markets.
Essex Property Trust (NYSE:ESS) announced that its operating partnership, Essex Portfolio, L.P., has priced a $400 million public offering of senior notes due 2035. The notes were priced at 99.604% of par value with a 5.425% yield to maturity and carry a 5.375% interest rate, payable semiannually on April 1 and October 1, starting October 1, 2025.
The proceeds will primarily be used to repay upcoming debt maturities, including funding part of the repayment of the issuer's $500.0 million 3.500% senior notes due April 2025. Additional uses include general corporate purposes, working capital, and potential acquisition funding. Initially, the proceeds may be used to repay outstanding borrowings under unsecured credit facilities or invested in short-term securities.
The offering, expected to close on February 18, 2025, was managed by several financial institutions, with J.P. Morgan Securities, U.S. Bancorp Investments, and Wells Fargo Securities serving as joint book-running managers.
Essex Property Trust (NYSE:ESS) reported its Q4 and full-year 2024 results, with significant year-over-year growth. Net Income per share reached $4.00 in Q4 2024, up 292.2% from Q4 2023, while full-year Net Income grew 82.6% to $11.54. Core FFO per share increased by 2.3% to $3.92 in Q4 and by 3.8% to $15.60 for the full year.
The company achieved same-property revenue growth of 2.6% and NOI growth of 1.7% in Q4 2024. For the full year, same-property revenues grew 3.3% and NOI increased 2.6%. In 2024, Essex acquired or increased ownership in 13 apartment communities for $1.4 billion and disposed of one property for $252.4 million.
For 2025, Essex provided guidance with Core FFO projected at $15.56-$16.06 per share, and same-property revenue growth expected between 2.25% and 3.75%. The company plans acquisitions of $500M-$1.5B and dispositions of $250M-$750M.
Essex Property Trust (NYSE:ESS) has disclosed the income tax treatment for its 2024 dividend distributions. The company distributed a total of $9.66 per share across four quarterly payments: $2.31 (January), $2.45 (April), $2.45 (July), and $2.45 (October). Of the total distribution, 98.191% ($9.48525) is classified as ordinary taxable dividend, while 1.809% ($0.17475) qualifies as capital gain.
The distributions include Section 199A dividends of $9.48525 and Section 897 gains of $0.17475. Essex, an S&P 500 REIT, currently manages 254 apartment communities with approximately 62,000 apartment homes across selected West Coast markets. The company reported no foreign taxes for 2024.
Essex Property Trust (NYSE:ESS) has announced its schedule for the release of fourth quarter 2024 earnings results. The company will release its earnings after market close on Tuesday, February 4, 2025, followed by a conference call with senior management on Wednesday, February 5, 2025 at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time).
The conference call will be accessible to all interested parties via internet webcast at www.essex.com under the Investors section, or by phone at (877) 407-0784 (toll-free) or (201) 689-8560 (toll/international). A replay will be available online for 30 days and digitally for 7 days using the Replay Pin Number 13750911.
Essex Property Trust, an S&P 500 REIT, currently manages a portfolio of 254 apartment communities with approximately 62,000 apartment homes across selected West Coast markets.
Essex Property Trust (NYSE:ESS) has announced its Board of Directors' declaration of a quarterly cash dividend of $2.45 per common share. The dividend will be payable on January 15, 2025, to shareholders of record as of January 2, 2025.
Essex Property Trust, an S&P 500 company, operates as a fully integrated real estate investment trust (REIT) focusing on multifamily residential properties along the West Coast. The company currently maintains ownership interests in 254 apartment communities with approximately 62,000 apartment homes.
Essex Property Trust reported strong Q3 2024 results, with Net Income per share rising 35.3% to $1.84 and Core FFO growing 3.4% to $3.91. Same-property revenue increased 3.5% year-over-year, with NOI growth of 2.6%. The company raised its full-year 2024 guidance, with Core FFO now expected between $15.50-$15.62 per share. Notable transactions include acquiring two San Jose properties for $290.5 million and issuing $200 million in senior unsecured notes at 5.1% yield. Portfolio occupancy remained stable at 96.2%, with strong performance across Southern California, Northern California, and Seattle markets.
Essex Property Trust, Inc. (NYSE:ESS), an S&P 500 company and fully integrated real estate investment trust (REIT), has announced the release date for its third quarter 2024 earnings. The company plans to release its earnings after the market closes on Tuesday, October 29, 2024. A conference call with senior management is scheduled for Wednesday, October 30, 2024 at 10:00 a.m. Pacific Time or 1:00 p.m. Eastern Time.
The conference call is open to everyone and can be accessed via the company's website or by phone. A replay of the call will be available online for 30 days and digitally for 7 days. Essex Property Trust specializes in acquiring, developing, redeveloping, and managing multifamily residential properties in selected West Coast markets. The company currently has ownership interests in 255 apartment communities comprising over 62,000 apartment homes.
Essex Property Trust (NYSE:ESS), an S&P 500 company and fully integrated REIT, has declared a quarterly cash dividend of $2.45 per common share. The dividend is payable on October 11, 2024 to shareholders of record as of September 30, 2024. Essex specializes in acquiring, developing, redeveloping, and managing multifamily residential properties in selected West Coast markets. The company currently owns interests in 255 apartment communities, comprising over 62,000 apartment homes.
Essex Property Trust (NYSE: ESS) announced that its operating partnership, Essex Portfolio, L.P., has priced a $200 million add-on offering of senior notes due 2034. The notes, which will be treated as a single series with previously issued $350 million 5.500% senior notes, have a reoffer yield of 5.110% and are priced at 102.871% of par value. Interest is payable semiannually at 5.500% per annum, with the first payment due October 1, 2024. The notes mature on April 1, 2034.
The offering is expected to close on August 21, 2024. Proceeds will be used to repay upcoming debt maturities, including a portion of the $500.0 million 3.500% senior notes due April 2025, and for general corporate purposes. Essex Property Trust is a fully integrated REIT with ownership interests in 255 apartment communities comprising over 62,000 apartment homes in selected West Coast markets.