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Essex Property Trust Inc - Stock Quote ESS

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Morningstar's Essex Property Trust Inc Stock Analysis

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Fewer Cash Concessions to Tenants Lead to Higher Revenue for Essex in Q1

Kevin Brown, CFA Equity Analyst

Analyst Note

| Kevin Brown, CFA |

First-quarter results for no-moat Essex Property Trust were slightly better than we anticipated, giving us confidence in our $322 fair value estimate. Same-store occupancy sequentially improved 20 basis points to 96.3%, slightly better than our estimate of flat occupancy. Same-store rental rates improved 4.5% year over year, though that is slightly below our estimate of 4.9% growth. However, the rolloff of cash concessions made in 2021 contributed another 2.1% to revenue growth, leading to Essex reporting same-store revenue growth of 6.5%. While same-store expense growth of 4.8% was ahead of our 3.5% estimate, same-store net operating income grew 7.3% year over year in the first quarter, better than our estimate of 4.6% growth. Essex reported core funds from operations of $3.37 per share in in the first quarter, which was 7 cents ahead of the midpoint of its prior guidance for the quarter and 2 cents better than our $3.35 estimate.

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Essex Property Trust Inc's Company Profile

Business Description

Essex Property Trust owns a portfolio of 253 apartment communities with over 62,000 units and is developing three additional properties with 571 units. The company focuses on owning large, high-quality properties on the West Coast in the urban and suburban submarkets of Southern California, Northern California, and Seattle.

1100 Park Place, Suite 200
San Mateo, CA, 94403
T +1 650 655-7800
Sector Real Estate
Industry REIT - Residential
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Hard Assets
Employees 1,757