Essex Property Trust, Inc. reported significant financial growth for the third quarter and the first nine months of 2024, driven by increased rental revenues and strategic acquisitions. For the three months ended September 30, 2024, total rental and other property revenues reached $448.1 million, a 7.6% increase from $416.4 million in the same period of 2023. For the nine months, revenues rose to $1.31 billion from $1.24 billion year-over-year.
Net income for the third quarter surged to $125.5 million, compared to $93.0 million in Q3 2023, while net income available to common stockholders increased to $118.4 million from $87.3 million. For the nine-month period, net income was $509.6 million, up from $360.4 million in 2023. The earnings per share for Q3 2024 was $1.84, compared to $1.36 in Q3 2023, reflecting strong profitability.
The company’s comprehensive income also improved, totaling $104.1 million for Q3 2024, compared to $97.1 million in the prior year. For the nine months, comprehensive income reached $493.7 million, up from $369.6 million.
Essex's strategic acquisitions contributed significantly to its revenue growth. In 2024, the company acquired interests in several apartment communities, including a 50% stake in Century Towers for $173.5 million and a 49.9% interest in Patina at Midtown for $117.0 million. These acquisitions, along with others, resulted in a notable increase in non-same property revenues, which rose by 104.2% in Q3 2024.
Operating expenses also increased, with property operating expenses (excluding real estate taxes) for Q3 2024 totaling $85.3 million, up from $77.0 million in Q3 2023. Real estate taxes rose to $49.0 million from $46.9 million, and depreciation and amortization expenses increased to $146.4 million from $137.4 million.
The company reported a net cash provided by operating activities of $850.0 million for the nine months ended September 30, 2024, compared to $776.4 million in the same period of 2023. However, net cash used in investing activities surged to $843.7 million, primarily due to acquisitions, compared to $102.4 million in the previous year.
As of September 30, 2024, Essex owned or had interests in 255 operating apartment communities, comprising 62,510 apartment homes, primarily located in Southern California, Northern California, and the Seattle metropolitan area. The company continues to focus on monitoring existing markets and evaluating new opportunities for rental growth amidst evolving market conditions.
About ESSEX PROPERTY TRUST, INC.
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