Essex Property Trust (ESS) FY2023 results: revenue $1.7 billion, up 3.9% on the year
Essex Property Trust, Inc. (ESS) reported revenue of $1.7 billion for fiscal 2023, the year ended 31 December 2023, up 3.9% on the year before. Net income was $406 million, down 0.6%, and diluted earnings per share $6.32. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.
Revenue
$1.7 billion
+3.9% on the year
FY2016FY2023
Operating margin
35.0%
37.0% a year earlier
FY2016FY2023
Net income
$406 million
-0.6% on the year
FY2016FY2023
Diluted EPS
$6.32
+0.8% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
980
976
905
+0.5%
Capital expenditure
7.9
27.7
49.8
-71.6%
Free cash flow
972
948
855
+2.6%
Free cash flow margin
58.2%
59.0%
59.4%
Cash from investing
-145
146
-397
Cash from financing
-477
-1,138
-533
Depreciation and amortisation
548
539
520
+1.7%
Share-based compensation
8.0
7.2
7.3
+11.4%
Buybacks
95.7
190
9.2
-49.6%
Dividends paid
587
566
543
+3.7%
Dividend per share
$9.24
$8.80
$8.36
+5.0%
Diluted shares, weighted
64m
65m
65m
-1.3%
Shares outstanding at period end
64m
65m
65m
-0.6%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
5,423
5,716
5,994
-5.1%
Non-controlling interest
171
179
183
-4.2%
Redeemable equity
32.2
27.1
34.7
+18.6%
Debt
6,206
5,958
6,287
+4.2%
Other liabilities
530
492
499
+7.5%
Total liabilities and equity
12,361
12,373
12,998
-0.1%
Intangible assets
6.1
7.4
8.9
-17.6%
Cash and equivalents
392
33.3
48.4
+1,076.6%
Other assets
11,964
12,332
12,941
-3.0%
Total assets
12,361
12,373
12,998
-0.1%
10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.