Essex said Same-Property Revenues for Q1 2024 rose to $409.8 million, up $395.5 million from a year earlier, or $14.3 million (3.6%). The company cited a 2.1% increase in average rental rates (from $2,576 to $2,631) and the benefit of lower delinquencies, at 0.8%, as the main factors.

1. 01

   Essex said Same-Property Revenues for Q1 2024 rose to $409.8 million, up $395.5 million from a year earlier, or $14.3 million (3.6%). The company cited a 2.1% increase in average rental rates (from $2,576 to $2,631) and the benefit of lower delinquencies, at 0.8%, as the main factors.

2. 02

   Essex said that in 2024 it acquired the 49.9% joint venture partner interest in the BEXAEW portfolio, consolidating 4 apartment home communities, and as a result recognized a gain on remeasurement of co-investment of $138.3 million.

3. 03

   Essex said interest expense for Q1 2024 rose to $55.9 million, an increase of $4.9 million (9.6%). Interest and other income for the same period rose $44.8 million to $57.3 million, and the company cited an increase of $34.8 million in legal settlements and an increase of $7.9 million in interest income as the main factors.

4. 04

   Essex said the Operating Partnership issued $350.0 million of senior unsecured notes with a 5.500% coupon, due April 1, 2034, in March 2024. As of March 31, 2024, unrestricted cash and cash equivalents totaled $499.0 million.

Key figures

Quarter ended March 31, 2024

Revenue

$427M

Operating income

$132M

Net income

$285M

EPS

$4.25

Operating cash flow

$315M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. 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

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