Essex Property Trust Provides Preliminary Third Quarter 2021 Operating Update
09 Settembre 2021 - 2:30PM
Business Wire
Essex Property Trust, Inc. (NYSE:ESS) announced today that it is
reaffirming its full-year and third quarter 2021 guidance ranges
and providing a preliminary third quarter 2021 operating
update.
Same-property revenue change, operating statistics, and net
effective new lease rates by region are reflected in the tables
below:
Same-Property Revenue
Change(1)
Q1 2021 Actuals
Q2 2021 Actuals
Jul – Aug 2021
Preliminary
Southern California
-5.8%
2.0%
9.5%
Northern California
-10.9%
-8.4%
-2.9%
Seattle
-7.0%
-2.3%
-0.8%
Total Same-Property
-8.1%
-3.0%
2.6%
1)
Reflects the year-over-year change in
same-property revenues.
Same-Property Operating
Statistics and Net Effective New Lease Rates(1)
Q1 2021
Q2 2021
Jul 2021
Preliminary
Aug 2021
Cash delinquencies(2)
2.1%
2.6%
2.2%
0.8%
Financial occupancy
96.7%
96.6%
96.5%
96.4%
Southern California
vs. Dec'20
0.7%
4.8%
12.7%
17.1%
vs. Pre-COVID
-2.4%
1.6%
9.3%
13.5%
Northern California
vs. Dec'20
0.3%
3.1%
10.0%
12.7%
vs. Pre-COVID
-16.2%
-13.8%
-8.1%
-5.8%
Seattle
vs. Dec'20
-0.7%
8.2%
22.8%
26.0%
vs. Pre-COVID
-14.5%
-6.8%
5.8%
8.5%
Total Same-Property
vs. Dec'20
0.3%
4.8%
13.4%
17.0%
vs. Pre-COVID
-10.2%
-6.2%
1.5%
4.7%
1)
Table reflects the % change of new lease
rates on a net effective basis, including the impact of leasing
incentives, compared to Dec’20 and Mar’20 (pre-COVID).
2)
Represents total same-property portfolio
cash delinquencies as a percentage of scheduled rent, reflected in
the financial statements of the reporting period. Year-to-date
through August 2021, the Company has received $7.1 million in
delinquency reimbursements associated with COVID rental assistance
programs.
About Essex Property Trust,
Inc.
Essex Property Trust, Inc., an S&P 500 company, is a fully
integrated real estate investment trust (REIT) that acquires,
develops, redevelops, and manages multifamily residential
properties in selected West Coast markets. Essex currently has
ownership interests in 246 apartment communities comprising
approximately 60,000 apartment homes with an additional 3
properties in various stages of active development. Additional
information about the Company can be found on the Company’s website
at www.essex.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210909005274/en/
Rylan Burns Group Vice President of Private Equity & Finance
(650) 655-7800 rburns@essex.com
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