Essex said Same-Property revenue for 2023 rose $66.4 million, or 4.4%, to $1.6 billion from the prior year, and cited the increase in average rental rates from $2,493 to $2,604, or 4.5%, as the main factor.

1. 01

   Essex said Same-Property revenue for 2023 rose $66.4 million, or 4.4%, to $1.6 billion from the prior year, and cited the increase in average rental rates from $2,493 to $2,604, or 4.5%, as the main factor.

2. 02

   The company said it expects Same-Property revenue to rise between 0.7% and 2.7% in 2024, and Same-Property operating expenses to rise between 3.5% and 5.0%.

3. 03

   The company said its Same-Property cash delinquency rate rose from 1.3% in 2022 to 1.9% in 2023, and that Emergency Rental Assistance receipts fell from $34.5 million to $2.6 million. Average financial occupancy was 96.1% to 96.4%.

4. 04

   The company said that as of December 31, 2023, it held $391.7 million in unrestricted cash and cash equivalents and $87.8 million in marketable securities, and had $5.1 billion of fixed rate public bonds outstanding at an average interest rate of 3.3%.

Key figures

Fiscal year ended December 31, 2023

Revenue

$1.7B

Operating income

$584M

Net income

$431M

EPS

$6.32

Operating cash flow

$980M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.