Essex Property Trust (ESS) FY2019 results: revenue $1.5 billion, up 4.3% on the year
Essex Property Trust, Inc. (ESS) reported revenue of $1.5 billion for fiscal 2019, the year ended 31 December 2019, up 4.3% on the year before. Net income was $439 million, up 12.6%, and diluted earnings per share $6.66. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$1.5 billion
+4.3% on the year
FY2012FY2019
Operating margin
32.9%
36.6% a year earlier
FY2012FY2019
Net income
$439 million
+12.6% on the year
FY2012FY2019
Diluted EPS
$6.66
+12.9% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,460
1,400
1,364
+4.3%
Operating income
481
512
473
-6.0%
Operating margin
32.9%
36.6%
34.7%
Interest expense
217
220
223
-1.4%
Net income
439
390
433
+12.6%
Net margin
30.1%
27.9%
31.8%
Diluted EPS
$6.66
$5.90
$6.57
+12.9%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
919
827
770
+11.2%
Capital expenditure
158
183
138
-13.4%
Free cash flow
761
644
632
+18.2%
Free cash flow margin
52.1%
46.0%
46.3%
Cash from investing
-528
-59.9
-568
Cash from financing
-462
-676
-311
Depreciation and amortisation
484
480
469
+0.8%
Share-based compensation
7.0
7.1
9.3
-1.8%
Buybacks
57.0
51.2
0.0
+11.2%
Dividends paid
508
484
451
+4.9%
Dividend per share
$7.80
$7.44
$7.00
+4.8%
Diluted shares, weighted
66m
66m
66m
-0.2%
Shares outstanding at period end
66m
66m
66m
0.0%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
6,220
6,267
6,277
-0.7%
Non-controlling interest
183
127
119
+44.4%
Redeemable equity
37.4
35.5
39.2
+5.5%
Debt
5,809
5,606
5,689
+3.6%
Other liabilities
456
348
371
+30.8%
Total liabilities and equity
12,705
12,384
12,496
+2.6%
Intangible assets
1.2
0.1
0.4
+1,100.0%
Cash and equivalents
70.1
134
44.6
-47.9%
Other assets
12,634
12,249
12,451
+3.1%
Total assets
12,705
12,384
12,496
+2.6%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.