Essex Property Trust, an S&P 500 company, has recently released its 10-K report, providing a detailed overview of its operations and financial performance. As of December 31, 2024, the company owned or had ownership interests in 255 operating apartment communities, comprising 62,157 apartment homes. The majority of its apartment communities are located in major regions such as Southern California, Northern California, and the Seattle Metro area.
In 2024, Essex reported that the average financial occupancy for its Same-Property portfolio was 96.1%, slightly lower than the 96.5% reported in 2023. The company's Same-Property revenues increased by 3.3% in 2024, primarily driven by increases in average rental rates and other property income. However, the company also experienced an 8.8% increase in property operating expenses, excluding real estate taxes, primarily due to higher utility expenses and administrative costs.
Essex's liquidity and capital resources for the year ended December 31, 2024, showed that it generated cash flow of $1,068,305 from operating activities, while its investing activities resulted in a net cash outflow of $973,051. The company's financing activities led to a net cash outflow of $419,742.
The report also highlighted the impact of macroeconomic conditions, such as inflation and changes in market interest rates, on the company's operations. Despite these challenges, Essex emphasized that it maintained a strong financial condition and was able to access traditional funding sources on similar terms as before.
Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $294.74. If you want to know more, read the company's complete 10-K report here.
