Essex Property Trust (ESS) FY2018 results: revenue $1.4 billion, up 2.7% on the year
Essex Property Trust, Inc. (ESS) reported revenue of $1.4 billion for fiscal 2018, the year ended 31 December 2018, up 2.7% on the year before. Net income was $390 million, down 9.9%, and diluted earnings per share $5.90. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$1.4 billion
+2.7% on the year
FY2011FY2018
Operating margin
36.6%
34.7% a year earlier
FY2011FY2018
Net income
$390 million
-9.9% on the year
FY2011FY2018
Diluted EPS
$5.90
-10.2% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
1,400
1,364
1,294
+2.7%
Operating income
512
473
421
+8.3%
Operating margin
36.6%
34.7%
32.5%
Interest expense
220
223
220
-1.1%
Net income
390
433
415
-9.9%
Net margin
27.9%
31.8%
32.1%
Diluted EPS
$5.90
$6.57
$6.27
-10.2%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
827
770
717
+7.4%
Capital expenditure
183
138
n/a
+32.7%
Free cash flow
644
632
n/a
+1.9%
Free cash flow margin
46.0%
46.3%
n/a
Cash from investing
-59.9
-568
-413
Cash from financing
-676
-311
-256
Depreciation and amortisation
480
469
442
+2.3%
Share-based compensation
7.1
9.3
9.8
-23.2%
Buybacks
51.2
0.0
1.0
Dividends paid
484
451
411
+7.4%
Dividend per share
$7.44
$7.00
$6.40
+6.3%
Diluted shares, weighted
66m
66m
66m
+0.3%
Shares outstanding at period end
66m
66m
66m
-0.2%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
6,267
6,277
6,192
-0.2%
Non-controlling interest
127
119
100
+6.2%
Redeemable equity
35.5
39.2
44.7
-9.5%
Debt
5,606
5,689
5,563
-1.5%
Other liabilities
348
371
317
-6.0%
Total liabilities and equity
12,384
12,496
12,217
-0.9%
Intangible assets
0.1
0.4
1.4
-75.0%
Cash and equivalents
134
44.6
64.9
+201.4%
Other assets
12,249
12,451
12,151
-1.6%
Total assets
12,384
12,496
12,217
-0.9%
10-K for the year ended 31 December 2018, filed 20 February 2020: the filing.