Essex Property Trust Inc. delivered a robust performance in the first quarter of 2022, reporting core funds from operations (FFO) per share of $3.37, surpassing the Zacks Consensus Estimate of $3.34. The company's total revenues reached $381.9 million, also exceeding projections, alongside a year-over-year core FFO growth of 9.8% and same-property revenue increase of 6.5%. Additionally, Essex announced a 5.3% cash dividend hike while maintaining strong liquidity of $1.3 billion, although it faces some challenges with a 5.7% decline in earnings per share.
“Essex Property Trust Inc. · reported · first-quarter 2022 core funds from operations (FFO) per share · $3.37”
“Essex Property Trust Inc. · beat · the Zacks Consensus Estimate of core FFO per share · $3.34”
“Essex Property Trust Inc. · improved · core FFO · 9.8%”
“Essex Property Trust Inc. · total revenues · for first quarter 2022 · $381.9 million”
“Essex Property Trust Inc. · surpassed · the Zacks Consensus Estimate of total revenues · $376.3 million”
“Essex Property Trust Inc. · received · earned promote interest · $17.1 million”
“Essex Property Trust Inc. · exited · the quarter with cash and cash equivalents · $108.5 million”
“Essex Property Trust Inc. · had · in liquidity · $1.3 billion”
“Essex Property Trust Inc. · hiked · the cash dividend · 5.3%”
“Essex Property Trust Inc. · revised · its 2022 core FFO per share expectations · upward by 25 cents”
“Essex Property Trust Inc. · projects · same-property gross revenues for 2022 · in the range of 8.1-9.1%”
“Essex Property Trust Inc. · projects · operating expense · in the band of 3.5-4.5%”