Essex Ppty Tr Inc - ESS STOCK NEWS

Essex Property Trust (NYSE:ESS) announced that Michael J. Schall, President and CEO, will participate in a virtual roundtable presentation at the 2021 Citigroup Global Property CEO Conference on March 8, 2021, at 2:00 p.m. ET. Investors can access the live panel via the webcast link on the Company’s website. An archive of the presentation will be available for thirty days post-event. Essex, an S&P 500 REIT, owns 246 apartment communities with about 60,000 units and is involved in several ongoing developments.

Essex Property Trust announced an underwritten public offering of $450 million in senior notes due 2028, priced at 99.423% of par value with a 1.700% interest rate. The offering will close on March 1, 2021, and the funds will be used to repay debt and for general corporate purposes. Interest payments will be made semiannually, with the first due September 1, 2021. The notes will be unsecured obligations fully guaranteed by Essex Property Trust. Major underwriters include Wells Fargo, Citigroup, and J.P. Morgan.

Essex Property Trust has announced a $0.05 increase to its annual cash dividend, marking the 27th consecutive annual increase. The first quarter dividend is set at $2.09 per share, payable on April 15, 2021, to shareholders of record by March 31, 2021, equating to an annualized distribution of $8.36 per share. Additionally, the virtual Annual Meeting of Shareholders is scheduled for May 11, 2021, at 1:00 p.m. PT, where shareholders of record by February 26, 2021, will be entitled to vote.

Essex Property Trust (NYSE:ESS) reported its fourth-quarter and full-year 2020 earnings, highlighting a 24.6% decrease in net income per diluted share year-over-year for Q4, totaling $1.47. Full-year net income per diluted share rose 30.5% to $8.69. Total FFO per diluted share declined 8.5% to $3.24 for Q4 and 6.9% for the year. Declines in same-property gross revenue and NOI were 8.0% and 12.7% respectively in Q4 2020. The company disposed of one community for $60 million and committed $206 million in structured finance investments. The 2021 core FFO guidance is set between $11.86 and $12.46 per diluted share.

Essex Property Trust, Inc. (NYSE:ESS) has announced the income tax treatment for its 2020 distributions to shareholders. Key details include total cash distributions amounting to $8.18250 per share, with $6.97413 classified as ordinary taxable and $0.87390 as capital gains. The dividend payment dates varied throughout the year, starting from January 15, 2020. Shareholders are advised to consult tax advisors for individual tax treatment. Essex operates as a real estate investment trust, managing 246 apartment communities along the West Coast.

Essex Property Trust, Inc. (NYSE:ESS) will release its fourth quarter 2020 earnings on February 4, 2021, after market closure. A conference call is set for February 5, 2021, at 9:00 a.m. Pacific Time. Investors can join via the internet or through a toll-free phone number. Essex is a fully integrated real estate investment trust (REIT) focusing on multifamily residential properties, managing 246 communities with approximately 60,000 apartment homes, and developing additional properties. Detailed information is available on their website.

Essex Property Trust (NYSE:ESS) announced a leadership succession, effective December 31, 2020. COO John Burkart will retire and become a Strategic Advisor for a year. Angela Kleiman, promoted from CFO, will succeed him. Kleiman has been with the company since 2009 and has held key roles, including leading the CFO position since 2015. Barb Pak, the new CFO, has extensive experience in finance and real estate management. The company highlights its commitment to maintaining financial strength and long-term shareholder value amidst this transition.

Essex Property Trust (NYSE:ESS) has declared a quarterly cash dividend of $2.0775 per share, scheduled for payment on January 15, 2021. Shareholders must be on record by January 4, 2021 to receive the dividend. As a fully integrated real estate investment trust, Essex focuses on acquiring, developing, and managing multifamily residential properties primarily on the West Coast. The company currently holds interests in 246 apartment communities, totaling approximately 60,000 apartment homes, with another 6 properties in development.

Essex Property Trust (NYSE: ESS) reported its third quarter 2020 earnings, revealing a 25.2% drop in Net Income to $1.13 per diluted share, compared to $1.51 in Q3 2019. Funds from Operations (FFO) also fell 17.7% year-over-year. Same-property gross revenue and net operating income (NOI) declined by 6.7% and 10.8%, respectively, largely due to $16.8 million in cash concessions. The company disposed of one apartment community for $51.5 million and repurchased shares under its buyback program. As of October 22, 2020, liquidity stood at approximately $1.7 billion.