Essex Property Trust (ESS) FY2015 results: revenue $1.2 billion, up 23.2% on the year
Essex Property Trust, Inc. (ESS) reported revenue of $1.2 billion for fiscal 2015, the year ended 31 December 2015, up 23.2% on the year before. Net income was $232 million, up 90.0%, and diluted earnings per share $3.49. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2016.
Revenue
$1.2 billion
+23.2% on the year
FY2008FY2015
Operating margin
27.7%
20.8% a year earlier
FY2008FY2015
Net income
$232 million
+90.0% on the year
FY2008FY2015
Diluted EPS
$3.49
+69.4% on the year
FY2008FY2015
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Revenue
1,194
969
611
+23.2%
Operating income
331
202
189
+64.3%
Operating margin
27.7%
20.8%
30.9%
Interest expense
205
165
117
+24.5%
Income tax
n/a
n/a
0.0
Net income
232
122
156
+90.0%
Net margin
19.4%
12.6%
25.6%
Diluted EPS
$3.49
$2.06
$4.04
+69.4%
$ 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
FY2015
FY2014
FY2013
On the year
Last 8 years
Operating cash flow
617
493
305
+25.2%
Capital expenditure
99.3
81.4
47.3
+22.0%
Free cash flow
518
412
258
+25.9%
Free cash flow margin
43.4%
42.5%
42.2%
Cash from investing
-726
-1,147
-454
Cash from financing
107
521
149
-79.4%
Depreciation and amortisation
434
346
205
+25.5%
Share-based compensation
6.1
8.7
4.5
-30.7%
Buybacks
0.0
0.0
n/a
Dividends paid
367
261
181
+40.9%
Diluted shares, weighted
65m
57m
37m
+14.8%
Shares outstanding at period end
65m
37m
37m
+74.7%
Balance sheet
$ million
FY2015
FY2014
FY2013
On the year
Last 8 years
Shareholders' equity
6,238
6,023
1,885
+3.6%
Non-controlling interest
99.3
113
114
-12.4%
Redeemable equity
45.5
0.0
4.3
Debt
5,319
5,081
3,034
+4.7%
Other liabilities
304
310
151
-2.0%
Total liabilities and equity
12,005
11,527
5,187
+4.1%
Intangible assets
2.9
47.7
4.5
-93.9%
Cash and equivalents
29.7
25.6
18.5
+15.9%
Other assets
11,973
11,453
5,164
+4.5%
Total assets
12,005
11,527
5,187
+4.1%
10-K for the year ended 31 December 2015, filed 26 February 2016: the filing.