Essex Property Trust (ESS) FY2024 results: revenue $1.8 billion, up 6.3% on the year
Essex Property Trust, Inc. (ESS) reported revenue of $1.8 billion for fiscal 2024, the year ended 31 December 2024, up 6.3% on the year before. Net income was $742 million, up 82.7%, and diluted earnings per share $11.54. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2025.
Revenue
$1.8 billion
+6.3% on the year
FY2017FY2024
Operating margin
39.6%
35.0% a year earlier
FY2017FY2024
Net income
$742 million
+82.7% on the year
FY2017FY2024
Diluted EPS
$11.54
+82.6% on the year
FY2017FY2024
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
FY2024
FY2023
FY2022
On the year
Last 8 years
Operating cash flow
1,068
980
976
+9.0%
Capital expenditure
2.9
7.9
27.7
-63.5%
Free cash flow
1,065
972
948
+9.6%
Free cash flow margin
60.0%
58.2%
59.0%
Cash from investing
-973
-145
146
Cash from financing
-420
-477
-1,138
Depreciation and amortisation
580
548
539
+5.8%
Share-based compensation
7.2
8.0
7.2
-10.9%
Buybacks
0.0
95.7
190
Dividends paid
620
587
566
+5.7%
Dividend per share
$9.80
$9.24
$8.80
+6.1%
Diluted shares, weighted
64m
64m
65m
-0.0%
Shares outstanding at period end
64m
64m
65m
+0.1%
Balance sheet
$ million
FY2024
FY2023
FY2022
On the year
Last 8 years
Shareholders' equity
5,537
5,423
5,716
+2.1%
Non-controlling interest
183
171
179
+7.1%
Redeemable equity
30.8
32.2
27.1
-4.2%
Debt
6,602
6,206
5,958
+6.4%
Other liabilities
575
530
492
+8.5%
Total liabilities and equity
12,927
12,361
12,373
+4.6%
Intangible assets
7.7
6.1
7.4
+26.2%
Cash and equivalents
66.8
392
33.3
-82.9%
Other assets
12,853
11,964
12,332
+7.4%
Total assets
12,927
12,361
12,373
+4.6%
10-K for the year ended 31 December 2024, filed 21 February 2025: the filing.