Essex Property Trust (ESS) FY2017 results: revenue $1.4 billion, up 5.4% on the year
Essex Property Trust, Inc. (ESS) reported revenue of $1.4 billion for fiscal 2017, the year ended 31 December 2017, up 5.4% on the year before. Net income was $433 million, up 4.4%, and diluted earnings per share $6.57. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$1.4 billion
+5.4% on the year
FY2010FY2017
Operating margin
34.7%
32.5% a year earlier
FY2010FY2017
Net income
$433 million
+4.4% on the year
FY2010FY2017
Diluted EPS
$6.57
+4.8% on the year
FY2010FY2017
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Revenue
1,364
1,294
1,194
+5.4%
Operating income
473
421
331
+12.4%
Operating margin
34.7%
32.5%
27.7%
Interest expense
223
220
205
+1.5%
Net income
433
415
232
+4.4%
Net margin
31.8%
32.1%
19.4%
Diluted EPS
$6.57
$6.27
$3.49
+4.8%
$ 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
FY2017
FY2016
FY2015
On the year
Last 8 years
Operating cash flow
770
717
617
+7.4%
Capital expenditure
138
n/a
99.3
Free cash flow
632
n/a
518
Free cash flow margin
46.3%
n/a
43.4%
Cash from investing
-568
-413
-726
Cash from financing
-311
-256
107
Depreciation and amortisation
469
442
434
+6.2%
Share-based compensation
9.3
9.8
6.1
-5.4%
Buybacks
0.0
1.0
0.0
Dividends paid
451
411
367
+9.6%
Dividend per share
$7.00
$6.40
n/a
+9.4%
Diluted shares, weighted
66m
66m
65m
+0.5%
Shares outstanding at period end
66m
66m
65m
+0.8%
Balance sheet
$ million
FY2017
FY2016
FY2015
On the year
Last 8 years
Shareholders' equity
6,277
6,192
6,238
+1.4%
Non-controlling interest
119
100
99.3
+19.3%
Redeemable equity
39.2
44.7
45.5
-12.3%
Debt
5,689
5,563
5,319
+2.3%
Other liabilities
371
317
304
+16.8%
Total liabilities and equity
12,496
12,217
12,005
+2.3%
Intangible assets
0.4
1.4
2.9
-71.4%
Cash and equivalents
44.6
64.9
29.7
-31.3%
Other assets
12,451
12,151
11,973
+2.5%
Total assets
12,496
12,217
12,005
+2.3%
10-K for the year ended 31 December 2017, filed 20 February 2020: the filing.