Essex said Same-Property Revenues for Q3 2024 rose 3.5% to $413.2 million from $399.3 million a year earlier. The company attributed the gain to a 1.8% increase in average rental rates and 1.3% of the increase to lower delinquencies.

1. 01

   Essex said Same-Property Revenues for Q3 2024 rose 3.5% to $413.2 million from $399.3 million a year earlier. The company attributed the gain to a 1.8% increase in average rental rates and 1.3% of the increase to lower delinquencies.

2. 02

   The company said cash delinquencies for Same-Property communities fell from 2.0% in Q3 2023 to 0.7% in Q3 2024, but remained above the pre-pandemic historical average of 0.35%.

3. 03

   Essex said interest expense for Q3 2024 rose 9.2% year over year to $59.2 million, an increase of $5.0 million. The company cited the $550.0 million of senior unsecured notes due April 2034 issued in March 2024 and August as factors.

4. 04

   The company said that for the 9 months ended 2024, the gain on remeasurement of co-investment was $169.9 million, resulting from its acquisition of its joint venture partner's interests in the BEXAEW portfolio, Patina at Midtown and Century Towers.

Key figures

Quarter ended September 30, 2024

Revenue

$451M

Operating income

$129M

Net income

$125M

EPS

$1.84

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.