Essex Property Trust (ESS) FY2020 results: revenue $1.5 billion, up 2.4% on the year
Essex Property Trust, Inc. (ESS) reported revenue of $1.5 billion for fiscal 2020, the year ended 31 December 2020, up 2.4% on the year before. Net income was $569 million, up 29.5%, and diluted earnings per share $8.69. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2021.
Revenue
$1.5 billion
+2.4% on the year
FY2013FY2020
Operating margin
32.9%
32.9% a year earlier
FY2013FY2020
Net income
$569 million
+29.5% on the year
FY2013FY2020
Diluted EPS
$8.69
+30.5% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
1,496
1,460
1,400
+2.4%
Operating income
491
481
512
+2.1%
Operating margin
32.9%
32.9%
36.6%
Interest expense
221
217
220
+1.5%
Net income
569
439
390
+29.5%
Net margin
38.0%
30.1%
27.9%
Diluted EPS
$8.69
$6.66
$5.90
+30.5%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
803
919
827
-12.6%
Capital expenditure
109
158
183
-31.3%
Free cash flow
694
761
644
-8.7%
Free cash flow margin
46.4%
52.1%
46.0%
Cash from investing
-417
-528
-59.9
Cash from financing
-383
-462
-676
Depreciation and amortisation
525
484
480
+8.6%
Share-based compensation
8.2
7.0
7.1
+16.4%
Buybacks
269
57.0
51.2
+372.6%
Dividends paid
536
508
484
+5.6%
Dividend per share
$8.31
$7.80
$7.44
+6.5%
Diluted shares, weighted
66m
66m
66m
-0.6%
Shares outstanding at period end
65m
66m
66m
-1.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,000
6,220
6,267
-3.5%
Non-controlling interest
183
183
127
-0.2%
Redeemable equity
32.2
37.4
35.5
-13.8%
Debt
6,252
5,809
5,606
+7.6%
Other liabilities
469
456
348
+3.0%
Total liabilities and equity
12,936
12,705
12,384
+1.8%
Intangible assets
4.7
1.2
0.1
+291.7%
Cash and equivalents
73.6
70.1
134
+5.1%
Other assets
12,858
12,634
12,249
+1.8%
Total assets
12,936
12,705
12,384
+1.8%
10-K for the year ended 31 December 2020, filed 19 February 2021: the filing.