Essex Property Trust (ESS) Tops Q4 EPS by 56c

Essex Property Trust (NYSE: ESS) reported Q4 EPS of $1.95, $0.56 better than the analyst estimate of $1.39.

Fourth Quarter and Full-Year Highlights:

• Reported Net Income per diluted share for the fourth quarter of 2019 of $1.95, compared to $1.78 in the fourth quarter of 2018.
• Grew Core FFO per diluted share by 8.2% compared to the fourth quarter of 2018 and 6.4% for the full-year 2019.
• Achieved same-property revenue and net operating income (“NOI”) growth of 4.0% and 5.5%, respectively, compared to the fourth quarter of 2018. For the full-year, realized same-property revenue and NOI growth of 3.4% and 3.9%, respectively, achieving the high-end of the full-year NOI guidance range.
• Acquired two apartment communities during the fourth quarter of 2019 for a total contract price of $172.1 million. For the full-year, the Company acquired or increased its interests in eight apartment communities for a total pro rata contract price of $856.4 million, exceeding the high-end of the full-year guidance range.
• Committed $32.0 million in a preferred equity investment in the fourth quarter of 2019. For the full-year, the Company committed $141.7 million in five preferred equity investments, exceeding the high-end of the full-year guidance range.
• Disposed of one joint venture community during the fourth quarter for a total contract price of $311.0 million.

“We are pleased to report solid 2019 results, for both the fourth quarter and full-year, with same-property NOI growth at the high-end of our guidance range. Demand for rental housing remains consistently strong along the West Coast, driven by steady job growth, particularly around the tech hubs of Northern California and Seattle. A significant improvement in our cost of capital in 2019 drove transaction activity, contributing to results above the high-end of our initial 2019 guidance range for Core FFO per share, acquisitions and preferred equity investments. We expect another productive year in 2020 with stable operating fundamentals and rent growth mostly consistent with our long-term averages,” commented Michael Schall, President and CEO of the Company.

GUIDANCE:

Essex Property Trust sees FY2020 EPS of $9.20-$9.60, versus the consensus of $5.76.

For earnings history and earnings-related data on Essex Property Trust (ESS) click here.

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