$ESS (Essex Property Trust Inc.)

$ESS {{ '2016-04-29T18:33:57+0000' | timeago}} • Webcast

Apartment communities developer $ESS said that for 2016, it has modestly increased its market rent growth expectations for Southern California from 5.2% to 5.5%. For Northern California, the company is lowering its economic rent growth forecast from 7.5% to 6.5%. $ESS said that looking into 1Q16, it experienced a choppy, but nice rebound from 4Q15.

$ESS {{ '2017-05-18T20:29:51+0000' | timeago}} • Announcement

The BoD of $ESS declared a regular quarterly cash dividend of $1.75 per common share. The dividend is payable on July 14, 2017 to shareholders of record as of June 30, 2017.

$ESS {{ '2017-04-28T17:12:32+0000' | timeago}} • Announcement

$ESS has revised FY17 total FFO per share to $11.56-11.96 and increased FY17 Core FFO per share by $0.08 per share at the midpoint to a range of $11.56-11.96. For 2Q17 FFO per share is expected to be in the range of $2.81-2.91 and 2Q17 Core FFO to be in the range of $2.82-2.92.

$ESS {{ '2017-04-28T17:07:30+0000' | timeago}} • Announcement

$ESS reported 129.4% rise in 1Q17 profit, helped by gain on sale of real estate. Net income rose to $178.9MM, or $2.72 per share, compared to $77.9MM, or $1.19 per share in 1Q16. Funds from operations rose to $200.7MM, or $2.95 per share from $179MM, or $2.64 per share in 1Q16.  Core FFO was $199.7MM, or $2.94 per share, up 9.7%.

$ESS {{ '2017-04-04T15:09:50+0000' | timeago}} • Announcement

$ESS said its operating partnership Essex Portfolio priced $350MM of senior unsecured notes at an interest rate per annum of 3.625%. The notes were offered to investors at a price of 99.423% of par value with a yield to maturity of 3.694%. The notes mature on May 1, 2027. The notes offering is expected to close on April 10, 2017.

$ESS {{ '2017-02-23T13:44:03+0000' | timeago}} • Announcement

$ESS announced that its BoD has approved a 9.4% increase to its prior quarterly cash dividend. The BoD has declared a 1Q17 dividend of $1.75 per share, payable on April 17, 2017 to shareholders of record as of March 31, 2017. On an annualized basis, the dividend represents a distribution of $7.00 per common share.

$ESS {{ '2017-02-02T22:12:53+0000' | timeago}} • Announcement

$ESS expects 2017 EPS of $3.98-4.38, FFO of $11.46-11.86 per share and core FFO per share of $11.48-11.88. The company predicts 2017 same-property gross revenue growth of 2.75-3.75%, operating expense to rise 2.5-3.5% and net operating income growth of 2.50-4.25%. For 1Q17, $ESS sees core FFO per share of $2.80-2.90.

$ESS {{ '2017-02-02T22:07:55+0000' | timeago}} • Announcement

$ESS reported a rise in 4Q16 funds from operations (FFO) driven by a 8.1% same-property net operating income growth and accretive investment activities. FFO rose to $193.48MM or $2.85 per share from $171.57MM or $2.53 per share last year. Core FFO was $190.81MM or $2.81 per share. It reported earnings of $195.57MM or $2.98 per share.

$ESS {{ '2016-12-16T00:07:03+0000' | timeago}} • Announcement

$ESS BoD declared a regular quarterly cash dividend of $1.60 per common share, payable Jan. 17, 2017 to shareholders of record as of Dec. 30, 2016.

$ESS {{ '2016-10-28T19:11:11+0000' | timeago}} • Webcast

$ESS had strong markets. The company’s rent cap which is basically at 10% along with the market strength led to loss-to-lease growth over time. $ESS currently has 1.9% loss-to-lease compared to 7.2% over a year ago.

$ESS {{ '2016-10-28T18:44:27+0000' | timeago}} • Webcast

$ESS said some of the apartment supply will move from 2016 to 2017 at a significant level through about mid-year 2017, following which there will be a slowdown. There are many deals being discussed on the West Coast but due to factors like construction cost increases, the returns level required for the deals to work is not being achieved.

$ESS {{ '2016-10-28T18:33:54+0000' | timeago}} • Webcast

$ESS delivered same store revenue growth of 6.9% and net operating income growth of 8.3% in 3Q16. The Seattle portfolio grew revenues by 8.5% versus 3Q15. The Woodland Hills and Tri-City submarkets continue to be the strongest in the Los Angeles market growing revenues about 8%.  Revenues increased 8% in San Diego.

$ESS {{ '2016-10-28T18:16:50+0000' | timeago}} • Webcast

$ESS expects about a 20% drop in apartment supply in San Francisco and nearly 30% in San Jose in 2017 and fewer deliveries in each quarter in 2017. The company expects supply pressures to moderate in Northern California, especially in 2H17 assuming the job growth remains on track.

$ESS {{ '2016-10-27T23:04:06+0000' | timeago}} • Announcement

$ESS expects 4Q16 core FFO per share of $2.77-2.83. For FY16, the company narrowed core FFO per share guidance to $11.00-11.06 from prior range of $10.90-11.06. $ESS tightened the range of same-property revenue growth to 6.7-6.9% from prior range of 6.6-7%. The company still expects operating expenses growth of 3.5-4%.

$ESS {{ '2016-10-27T22:58:01+0000' | timeago}} • Announcement

Real estate investment trust $ESS reported higher funds from operations (FFO) for 2Q16, driven by a rise in occupancy in its Seattle, Los Angeles and San Diego portfolios. FFO rose to $191.1MM or $2.81 per share from $170.9MM or $2.53 per share last year. Core FFO was $190.5MM or $2.81 per share. It reported earnings of $65.6MM or $1.00 per share.

$ESS {{ '2016-09-21T13:05:50+0000' | timeago}} • Announcement

$ESS' BoD declared a regular quarterly cash dividend of $1.60 per common share. The dividend is payable on Oct. 14, 2016 to shareholders of record as of Sept. 30, 2016.

$ESS {{ '2016-07-29T19:56:26+0000' | timeago}} • Webcast

John Kim of BMO Capital Markets asks for an update on Seattle. $ESS said a 3.5% job growth in Seattle will take care of supply in the marketplace. In rent and median growth, Seattle’s current ratio is around 21% and long-term avg. is around 18%. Seattle has median household income levels at the $80,000-90,000 range and rents are priced well.

$ESS {{ '2016-07-29T19:42:10+0000' | timeago}} • Webcast

Nick Joseph of Citigroup asks about affordability. $ESS said the affordability in San Francisco is well over the long-term high. The company has it at almost 29% and the long-term average is 26.5% and the high is 33.1%.

$ESS {{ '2016-07-29T19:33:05+0000' | timeago}} • Webcast

Gaurav Mehta of Cantor Fitzgerald asks about investments in Northern California. $ESS said it has not seen changes in cap rates. Private markets tend to be long-term oriented and they see Northern California as one of the strongest long-term, rent growth generators in the US. So it remains attractive in terms of property investment.

$ESS {{ '2016-07-29T19:18:51+0000' | timeago}} • Webcast

Austin Wurschmidt of KeyBanc Capital Markets asks about the guidance for Northern California. $ESS said it is not expecting an acceleration in rent but it expects 4Q16 to be better than last year. The guidance assumes that rents do not fall off as they do seasonally and that $ESS will be able to maintain rents and achieve renewals of 5-6%.

$ESS {{ '2016-07-29T19:04:55+0000' | timeago}} • Webcast

For 2016, $ESS expects expense growth of 3.8%. The NOI growth is expected to be 8.1% at the midpoint. The projected reduction to same property growth rate is approx. $0.05 per share to the full-year core FFO. The company has raised its full-year core FFO midpoint by $0.06 per share to $10.98. For 2016, $ESS expects core FFO growth of 12%.

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