ESSEX PROPERTY TRUST, INC.

10-K & 10-Q Filings

Essex Property Trust, Inc. is a Maryland corporation and self-administered and self-managed real estate investment trust (REIT) that operates primarily in the ownership, operation, management, acquisition, development, and redevelopment of predominantly apartment communities along the West Coast of the United States. The company owns or has ownership interests in 252 operating apartment communities, aggregating 61,997 apartment homes, and has a development pipeline of one unconsolidated joint venture project and various predevelopment projects. Essex is the sole general partner of Essex Portfolio, L.P., which holds approximately 96.6% of the ownership interest in the Operating Partnership. The company's website is <http://www.essex.com> and its ticker symbol is EXP. The company's business strategies include a research-driven approach to investments, focusing on major metropolitan areas with strong local economies, rental demand, and affordability. The company manages its properties by focusing on property management, capital preservation, business planning and control, and development and redevelopment. The company's current business activities include acquisitions, dispositions, development pipeline, long-term debt, equity transactions, and co-investments. The company values diversity, equity, and inclusion, and offers training and development opportunities, employee health, safety, and wellness programs, and competitive compensation and benefits. The company also engages in community and social impact initiatives and employee engagement programs.

12 mos ending Dec 31, 201212 mos ending Dec 31, 201312 mos ending Dec 31, 201412 mos ending Dec 31, 201512 mos ending Dec 31, 201612 mos ending Dec 31, 201712 mos ending Dec 31, 201812 mos ending Dec 31, 201912 mos ending Dec 31, 202012 mos ending Dec 31, 202112 mos ending Dec 31, 202212 mos ending Dec 31, 20233 mos ending Mar 31, 20233 mos ending Mar 31, 2024CAGR %YoY %Revenue (+)
$543.42
613.70
969.30
1194.41
1294.00
1363.90
1400.05
1460.15
1505.35
1440.56
1606.81
1669.39
10.74%Cost of Revenue (-)
$174.09
196.01
310.91
363.51
388.93
405.54
151.53
397.69
440.40
445.26
467.27
485.48
9.77%Gross Profit (+)
$369.34
417.69
658.39
830.90
905.07
958.36
1248.53
1062.46
1055.35
995.30
1139.55
1183.92
11.17%Selling, General & Administrative (-)
$23.31
25.60
40.88
40.09
40.75
41.38
53.45
54.26
65.39
51.84
56.58
63.47
9.54%Depreciation & Amortization (-)
$158.95
180.50
360.59
453.42
441.68
468.88
479.88
483.75
525.50
520.07
539.32
548.44
11.92%Non-recurring Operating Expenses (-)
$
4.28
53.53
3.80
1.84
1.57
0.19
7.27
3.42
0.20
2.13
0.59
Operating Expenses (-)
$188.77
217.06
456.88
499.73
484.27
511.83
798.40
578.18
628.87
608.30
638.73
658.81
12.03%Costs & Expenses (Total) (-)
$374.50
425.00
767.79
863.23
873.20
917.38
949.92
975.88
1069.27
910.56
1011.59
1144.29
10.69%Operating Income/Loss (+)
$168.93
188.71
201.51
331.17
420.80
446.52
450.13
481.11
491.44
530.00
595.23
584.34
11.94%Non-operating Income/Expense (+)
$58.68
55.57
39.63
40.55
87.11
119.35
120.85
169.14
93.83
186.56
25.13
59.27
0.09%Interest Expense (-)
$-100.24
-104.60
164.55
204.83
219.65
222.89
220.49
217.34
220.63
203.13
204.80
212.91
Earnings before Tax (+)
$327.85
348.87
76.59
166.89
288.26
342.98
350.49
432.91
364.64
513.43
415.56
430.71
2.51%Income/Loss (Continuing Operations) (+)
$129.55
140.88
134.44
248.24
438.41
458.04
413.60
464.45
599.33
515.69
432.99
430.71
11.54%Income/Loss (Discontinued Operations) (+)
$10.04
31.17
Profit/Loss (+)
$139.59
172.06
134.44
248.24
438.41
458.04
413.60
464.45
599.33
515.69
432.99
430.71
10.79%Net Income/Loss (NCI) (-)
$-14.31
-15.77
12.29
16.12
23.43
24.98
23.45
25.16
30.46
27.14
24.67
24.88
Net Income/Loss (+)
$125.28
156.28
122.15
232.12
414.98
433.06
390.15
439.29
568.87
488.55
408.31
405.82
11.28%Preferred & Other Distributions (-)
$-5.47
-5.47
5.29
5.25
3.85
Net Income/Loss (Common) (+)
$119.81
150.81
116.86
226.87
411.12
433.06
390.15
439.29
568.87
488.55
408.31
405.82
11.73%EPS (Basic)
$3.42
4.05
2.07
3.50
6.28
6.58
5.91
6.67
8.69
7.51
6.27
6.32
5.74%EPS (Diluted)
$3.41
4.04
2.06
3.49
6.27
6.57
5.90
6.66
8.69
7.51
6.27
6.32
5.77%Weighted Avg Shares (Basic)
35.03
37.25
56.55
64.87
65.47
65.83
66.04
65.84
65.45
65.05
65.08
64.25
5.67%Weighted Avg Shares (Diluted)
35.12
37.34
56.70
65.06
65.59
65.90
66.09
65.94
65.56
65.09
65.10
64.25
5.64%Cash
$18.61
18.49
25.28
29.68
64.92
44.62
134.47
70.09
73.63
48.42
33.30
391.75
67.71
499.04
31.92%637.00%Securities & Long-term Investments
$3952.16
4188.87
9687.70
10381.58
10364.76
10579.53
10156.55
12230.07
10927.79
10983.07
10814.09
10470.29
10687.03
10869.73
9.26%1.71%Property, Plant & Equipment (Net)
$
74.74
72.14
68.97
67.24
63.76
66.37
62.86
-5.30%Goodwill & Intangibles
$
47.75
2.86
Other Assets
$876.46
979.48
1802.14
1590.97
1787.73
1871.55
2092.58
330.50
1862.62
1897.41
1458.28
1435.63
1458.66
1453.56
4.59%-0.35%Assets (Total)
$4847.22
5186.84
11562.87
12005.09
12217.41
12495.71
12383.60
12705.41
12936.18
12997.87
12372.91
12361.43
12279.77
12885.18
8.88%4.93%Accounts Payable
$109.91
117.81
230.36
231.68
248.40
248.92
255.62
293.40
294.77
323.96
314.63
332.10
363.79
381.74
10.58%4.93%Debt (Non-current)
$2818.68
3033.52
5109.82
5315.46
5563.26
5689.13
5605.94
5885.61
6325.57
6287.41
5958.18
6205.73
5907.31
6552.99
7.44%10.93%Other Liabilities
$34.16
32.92
63.38
75.47
68.83
121.63
92.72
85.48
100.40
175.32
177.83
197.41
181.61
194.50
17.29%7.10%Liabilities (Total)
$2962.76
3184.25
5403.55
5622.62
5880.49
6059.68
5954.28
6264.49
6720.75
6786.70
6450.64
6735.24
6452.71
7129.24
7.75%10.48%AOCI
$-69.26
-60.47
-51.45
-42.01
-32.10
-18.45
-13.22
-13.89
-14.73
-5.55
46.47
33.56
36.52
41.28
13.03%Shareholder's Equity
$1880.12
1998.24
6136.07
6337.02
6292.24
6396.82
6393.84
6403.50
6183.19
6176.51
5895.12
5593.98
5796.86
5723.75
10.42%-1.26%Liabilities & Equity
$4847.22
5186.84
11562.87
12005.09
12217.41
12495.71
12383.60
12705.41
12936.18
12997.87
12372.91
12361.43
12279.77
12885.18
8.88%4.93%Net Income/Loss
$139.59
172.06
134.44
248.24
438.41
458.04
413.60
464.45
599.33
515.69
432.99
430.71
161.59
285.14
10.79%76.45%Depreciation & Amortization
$11.64
12.22
-14.67
-19.36
-15.23
-5.95
477.30
489.44
532.17
529.60
546.03
555.35
137.63
142.07
42.10%3.23%Increase/Decrease in Working Capital
$-29.55
-10.83
-4.67
21.55
15.26
-65.58
6.02
-31.50
16.95
-7.93
16.41
14.28
-40.26
-30.87
23.32%Share-based Compensation
$4.14
4.51
8.74
6.06
10.90
9.29
7.13
7.01
8.16
7.31
7.21
8.03
1.97
1.59
6.21%-19.23%Adjustments to Reconcile Net Income
$127.91
132.93
358.55
369.17
274.11
308.11
412.54
454.64
203.87
389.57
542.66
549.36
115.33
29.72
14.17%-74.23%Net Cash (Operating)
$267.50
304.98
492.98
617.41
712.52
766.15
826.55
919.08
803.11
905.26
975.65
980.06
276.92
314.86
12.53%13.70%Capital Expenditure
$-668.29
-586.24
1368.64
958.60
720.02
778.20
515.20
866.33
822.28
692.40
472.68
283.32
54.11
396.54
632.87%Net Cash (Investing)
$-812.14
-453.70
-1147.16
-725.56
-421.41
-477.24
-59.89
-527.69
-416.90
-397.40
145.96
-145.14
55.16
-397.44
-820.55%Increase/Decrease in Debt
$3117.17
1719.96
279.39
148.50
247.26
90.82
-110.63
73.67
481.60
33.26
-353.73
243.50
-51.82
348.37
-20.69%772.23%Increase/Decrease in Equity
$367.38
151.34
525.02
350.64
9.59
111.63
-50.19
42.12
-268.52
40.52
-173.15
-97.74
-95.89
-1.74
98.19%Interest Expenses
$95.60
103.52
153.20
196.68
216.23
226.02
222.51
218.59
226.35
200.36
200.59
207.86
52.69
58.24
7.32%10.54%Dividends Paid
$-156.25
-180.67
260.57
367.26
411.13
450.63
484.18
507.75
536.10
542.86
565.92
586.98
142.13
148.33
4.36%Net Cash (Financing)
$550.36
148.60
520.61
108.21
-255.87
-309.21
-676.39
-461.69
-383.26
-533.26
-1137.56
-477.27
-297.60
190.12
163.89%Increase/Decrease in Cash
$5.72
-0.12
6.79
4.07
35.24
-20.30
90.27
-70.30
2.95
-25.40
-15.96
357.65
34.48
107.54
45.65%211.91%Cash (Beginning)
$12.89
18.61
18.49
25.61
29.68
64.92
61.13
151.40
81.09
84.04
58.64
42.68
42.68
400.33
11.50%837.97%Cash (Ending)
$18.61
18.49
25.28
29.68
64.92
44.62
151.40
81.09
84.04
58.64
42.68
400.33
77.16
507.87
32.18%558.22%NOPAT
$168.93
188.71
201.51
331.17
420.80
446.52
450.13
481.11
491.44
530.00
595.23
584.34
11.94%Gross Margin %
67.96%
68.06%
67.92%
69.57%
69.94%
70.27%
89.18%
72.76%
70.11%
69.09%
70.92%
70.92%
Operating Margin %
31.09%
30.75%
20.79%
27.73%
32.52%
32.74%
32.15%
32.95%
32.65%
36.79%
37.04%
35.00%
NOPAT Margin %
31.09%
30.75%
20.79%
27.73%
32.52%
32.74%
32.15%
32.95%
32.65%
36.79%
37.04%
35.00%
Net Margin %
23.05%
25.47%
12.60%
19.43%
32.07%
31.75%
27.87%
30.08%
37.79%
33.91%
25.41%
24.31%
ROA
3.48%
3.64%
1.74%
2.76%
3.44%
3.57%
3.63%
3.79%
3.80%
4.08%
4.81%
4.73%
ROE
8.98%
9.44%
3.28%
5.23%
6.69%
6.98%
7.04%
7.51%
7.95%
8.58%
10.10%
10.45%
Equity Multiplier
2.58
2.60
1.88
1.89
1.94
1.95
1.94
1.98
2.09
2.10
2.10
2.21
2.12
2.25
Debt/Equity Ratio
1.50
1.52
0.83
0.84
0.88
0.89
0.88
0.92
1.02
1.02
1.01
1.11
1.02
1.14
Dividend Payout Ratio %
-92.50%
-95.74%
129.31%
110.90%
97.70%
100.92%
107.57%
105.54%
109.09%
102.43%
95.08%
100.45%
Total Payout
$-3545.20
-1948.46
-390.63
64.79
370.51
474.20
867.51
610.55
549.36
669.44
1293.40
649.08
342.53
-140.06
-140.89%Payout Ratio %
-2098.68%
-1032.54%
-193.85%
19.56%
88.05%
106.20%
192.72%
126.90%
111.79%
126.31%
217.29%
111.08%