Essex Property Trust (ESS) FY2016 results: revenue $1.3 billion, up 8.3% on the year
Essex Property Trust, Inc. (ESS) reported revenue of $1.3 billion for fiscal 2016, the year ended 31 December 2016, up 8.3% on the year before. Net income was $415 million, up 78.8%, and diluted earnings per share $6.27. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2017.
Revenue
$1.3 billion
+8.3% on the year
FY2009FY2016
Operating margin
32.5%
27.7% a year earlier
FY2009FY2016
Net income
$415 million
+78.8% on the year
FY2009FY2016
Diluted EPS
$6.27
+79.7% on the year
FY2009FY2016
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Revenue
1,294
1,194
969
+8.3%
Operating income
421
331
202
+27.1%
Operating margin
32.5%
27.7%
20.8%
Interest expense
220
205
165
+7.2%
Net income
415
232
122
+78.8%
Net margin
32.1%
19.4%
12.6%
Diluted EPS
$6.27
$3.49
$2.06
+79.7%
$ 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
FY2016
FY2015
FY2014
On the year
Last 8 years
Operating cash flow
717
617
493
+16.1%
Capital expenditure
n/a
99.3
81.4
Free cash flow
n/a
518
412
Free cash flow margin
n/a
43.4%
42.5%
Cash from investing
-413
-726
-1,147
Cash from financing
-256
107
521
Depreciation and amortisation
442
434
346
+1.8%
Share-based compensation
9.8
6.1
8.7
+61.9%
Buybacks
1.0
0.0
0.0
Dividends paid
411
367
261
+11.9%
Dividend per share
$6.40
n/a
n/a
Diluted shares, weighted
66m
65m
57m
+0.8%
Shares outstanding at period end
66m
65m
37m
+0.2%
Balance sheet
$ million
FY2016
FY2015
FY2014
On the year
Last 8 years
Shareholders' equity
6,192
6,238
6,023
-0.7%
Non-controlling interest
100
99.3
113
+0.8%
Redeemable equity
44.7
45.5
0.0
-1.7%
Debt
5,563
5,319
5,081
+4.6%
Other liabilities
317
304
310
+4.4%
Total liabilities and equity
12,217
12,005
11,527
+1.8%
Intangible assets
1.4
2.9
47.7
-51.7%
Cash and equivalents
64.9
29.7
25.6
+118.7%
Other assets
12,151
11,973
11,453
+1.5%
Total assets
12,217
12,005
11,527
+1.8%
10-K for the year ended 31 December 2016, filed 24 February 2017: the filing.