Essex Property Trust (ESS) FY2014 results: revenue $969 million, up 58.7% on the year
Essex Property Trust, Inc. (ESS) reported revenue of $969 million for fiscal 2014, the year ended 31 December 2014, up 58.7% on the year before. Net income was $122 million, down 21.8%, and diluted earnings per share $2.06. The figures are the company's own, from the 10-K it filed with the SEC on 2 March 2015.
Revenue
$969 million
+58.7% on the year
FY2008FY2014
Operating margin
20.8%
30.9% a year earlier
FY2008FY2014
Net income
$122 million
-21.8% on the year
FY2008FY2014
Diluted EPS
$2.06
-49.0% on the year
FY2008FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
969
611
535
+58.7%
Operating income
202
189
167
+6.8%
Operating margin
20.8%
30.9%
31.2%
Interest expense
165
117
112
+41.2%
Income tax
n/a
0.0
0.0
Net income
122
156
125
-21.8%
Net margin
12.6%
25.6%
23.4%
Diluted EPS
$2.06
$4.04
$3.41
-49.0%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
493
305
267
+61.6%
Capital expenditure
81.4
47.3
46.6
+72.2%
Free cash flow
412
258
221
+59.7%
Free cash flow margin
42.5%
42.2%
41.3%
Cash from investing
-1,147
-454
-812
Cash from financing
521
149
550
+250.3%
Depreciation and amortisation
346
205
181
+69.0%
Share-based compensation
8.7
4.5
4.1
+93.9%
Buybacks
0.0
n/a
n/a
Dividends paid
261
181
156
+44.2%
Diluted shares, weighted
57m
37m
35m
+51.9%
Shares outstanding at period end
37m
37m
34m
0.0%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,023
1,885
1,765
+219.6%
Non-controlling interest
113
114
115
-0.2%
Redeemable equity
0.0
4.3
4.3
Debt
5,081
3,034
2,819
+67.5%
Other liabilities
310
151
144
+105.7%
Total liabilities and equity
11,527
5,187
4,847
+122.2%
Intangible assets
47.7
4.5
n/a
+958.0%
Cash and equivalents
25.6
18.5
18.6
+38.5%
Other assets
11,453
5,164
4,829
+121.8%
Total assets
11,527
5,187
4,847
+122.2%
10-K for the year ended 31 December 2014, filed 2 March 2015: the filing.