Essex said Same-Property Revenues for Q1 2025 increased to $409.1 million from $395.6 million in the prior-year quarter, an increase of $13.6 million or 3.4%. It explained that average rental rates rose 2.1% to $2,667 per 1 apartment home from $2,612 in the prior-year quarter.

1. 01

   Essex said Same-Property Revenues for Q1 2025 increased to $409.1 million from $395.6 million in the prior-year quarter, an increase of $13.6 million or 3.4%. It explained that average rental rates rose 2.1% to $2,667 per 1 apartment home from $2,612 in the prior-year quarter.

2. 02

   The company recognized a gain on sale of real estate and land of $111.0 million from the disposition of Highridge in Q1 2025. Interest and other income decreased to $4.3 million from $57.3 million in the prior-year period, and Essex cited a decrease of $42.4 million in gains from legal settlements as a factor.

3. 03

   Essex said interest expense for Q1 2025 increased 12.2% to $62.7 million from $55.9 million in the prior-year period. The company issued $400.0 million of senior unsecured notes (the 2035 Notes) with a coupon rate of 5.375% in February 2025, and explained that the proceeds were used to repay $500.0 million of senior unsecured notes due in April 2025.

4. 04

   Essex said as of March 31, 2025 it held $98.7 million of unrestricted cash and cash equivalents and $76.0 million in marketable securities, and that there was no outstanding balance on its two unsecured lines of credit aggregating $1.28 billion, with no outstanding balance on the $1.2 billion unsecured line of credit and no outstanding balance on the $75.0 million working capital unsecured line of credit.

Key figures

Quarter ended March 31, 2025

Revenue

$465M

Operating income

$257M

Net income

$213M

EPS

$3.16

Gross profit

$323M

Operating cash flow

$282M

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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