Essex Property Trust, Inc. (NYSE: ESS) announces its third quarter 2019 earnings results

On Friday, Essex Property Trust, Inc. (NYSE: ESS) changed -0.80% to recent value of $328.34. The stock transacted 394883 shares during most recent day however it has an average volume of 312.14K shares. It spotted trading -1.74% off 52-week high price. On the other end, the stock has been noted 39.42% away from the low price over the last 52-weeks.

Essex Property Trust, Inc. (ESS) reported recently its third quarter 2019 earnings results and related business activities.

Third Quarter 2019 Highlights:

  • Stated Net Income per diluted share for the third quarter of 2019 of $1.51, contrast to $1.22 in the third quarter of 2018.
  • Grew Core FFO per diluted share by 6.3% contrast to the third quarter of 2018, exceeding the midpoint of the guidance range by $0.04.
  • Achieved both same-property gross revenue and net operating income (“NOI”) growth of 3.1% contrast to the third quarter of 2018.
  • Purchased three apartment communities for a total contract price of $414.7M.
  • Increased full-year Net Income per diluted share guidance range to $6.04 to $6.14. Provided Net Income guidance range for the fourth quarter of $1.33 to $1.43 per diluted share.
  • Increased full-year Total FFO per diluted share guidance range to $13.50 to $13.60. Provided Total FFO guidance range for the fourth quarter of $3.31 to $3.41 per diluted share
  • Raised full-year Core FFO per diluted share guidance by $0.05 per share at the midpoint to a range of $13.28 to $13.38. Provided Core FFO guidance range for the fourth quarter of $3.36 to $3.46 per diluted share.

INVESTMENT ACTIVITY

Real Estate

In August 2019, Wesco V, LLC (“Wesco V”), a joint venture in which the Company owns a 50.0% interest, purchased The Courtyards at 65th Street, a 331-unit apartment home community located in Emeryville, CA, for $178.0M. The property provides convenient commuter access to San Francisco and Oakland and is located near the Company’s Emme and Avenue 64 communities.

In August 2019, BEX IV, LLC (“BEX IV”), a new joint venture in which the company owns a 50.1% interest, purchased 777 Hamilton Apartments for $148.0M in Menlo Park, CA. Built in 2017, the 195-unit apartment home community is adjacent to Facebook’s global headquarters.

In September 2019, the Company purchased Township, a 132-unit apartment home community located in Redwood City, CA, for $88.7M. The property is located in a highly desirable commuter location and in close proximity to the Company’s Radius Apartments. As part of the transaction, the Company assumed a $44.3M mortgage with an effective interest rate of 2.9% and a maturity date of May 2025.

ESS has a gross margin of 72.60% and an operating margin of 32.70% while its profit margin remained 28.80% for the last 12 months. Its earnings per share (EPS) expected to touch remained -9.90% for this year while earning per share for the next 5-years is expected to reach at 7.90%.  The company has 65.52M of outstanding shares and 64.65M shares were floated in the market. The price moved ahead of -0.11% from the mean of 20 days, 1.29% from mean of 50 days SMA and performed 11.07% from mean of 200 days price. Company’s performance for the week was -0.29%, 0.98% for month and YTD performance remained 33.90%.

 

Barbara Thornton

Barbara Thornton Tech Industry Reporter I graduated with subject B.S. in Broadcast Journalism and Political Science. I always looking to spin a good story, I welcomes ideas and suggestions from everyone. I am currently residing in Johnstown, with my wife, two sons and one daughter. In my free time, I like to play golf and bass guitar. I have keen interest in Technology trends that are taking place globally. Mailing address: 13849 Miller Road, Johnstown, OH 43031, USA Zip code: 46703 Phone number: (62) 2523-9336 Email: [email protected]

Leave a Reply

Your email address will not be published. Required fields are marked *