The company said 2024 Same-Property revenues increased $51.5 million, or 3.3%. Average rental rates rose 1.9% from $2,605 in 2023 to $2,655 in 2024, while occupancy decreased 0.4%.

1. 01

   The company said 2024 Same-Property revenues increased $51.5 million, or 3.3%. Average rental rates rose 1.9% from $2,605 in 2023 to $2,655 in 2024, while occupancy decreased 0.4%.

2. 02

   The company said 2024 interest expense increased $22.6 million, or 10.6%, to $235.5 million. It explained that the issuance of $550.0 million in senior unsecured notes in 2024 resulted in an increase in interest expense of $20.1 million.

3. 03

   The company said it recognized a gain on remeasurement of co-investments of $210.6 million in 2024 from its acquisition of its joint venture partner's interests in the BEXAEW and BEX II portfolios, Patina at Midtown, and Century Towers.

4. 04

   The company said that as of December 31, 2024, Moody's Investor Service and S&P rated Essex Property Trust, Inc. and Essex Portfolio, L.P. Baa1/Stable and BBB+/Stable, respectively. On the $1.2 billion unsecured line of credit, $75.0 million was outstanding.

Key figures

Fiscal year ended December 31, 2024

Revenue

$1.8B

Operating income

$703M

Net income

$811M

EPS

$11.54

Gross profit

$1.2B

Operating cash flow

$1.1B

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.