$ESS
ESSEX PROPERTY TRUST, INC.

2023 Q3 Form 10-Q Financial Statement

#000092052223000037 Filed on July 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $419.2M $416.0M
YoY Change 2.3% 4.02%
Cost Of Revenue $123.9M $119.2M
YoY Change 3.21% 5.02%
Gross Profit $295.3M $296.8M
YoY Change 1.93% 3.62%
Gross Profit Margin 70.44% 71.34%
Selling, General & Admin $26.12M $25.26M
YoY Change 2.99% 8.42%
% of Gross Profit 8.84% 8.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $137.4M $136.7M
YoY Change 1.36% 1.64%
% of Gross Profit 46.52% 46.06%
Operating Expenses $163.5M $162.0M
YoY Change 1.62% 2.64%
Operating Profit $131.8M $134.8M
YoY Change 2.47% 4.83%
Interest Expense $54.16M -$27.34M
YoY Change 4.87% -154.17%
% of Operating Profit 41.1% -20.28%
Other Income/Expense, Net -$404.0K -$1.733M
YoY Change -76.98% -125.25%
Pretax Income $93.01M $105.8M
YoY Change -5.77% 71.43%
Income Tax
% Of Pretax Income
Net Earnings $93.01M $99.62M
YoY Change -5.77% 61.48%
Net Earnings / Revenue 22.19% 23.94%
Basic Earnings Per Share $1.36 $1.55
Diluted Earnings Per Share $1.36 $1.55
COMMON SHARES
Basic Shares Outstanding 64.18M shares 64.18M shares
Diluted Shares Outstanding 64.19M shares 64.18M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $392.0M $60.95M
YoY Change 112.57% -68.3%
Cash & Equivalents $392.0M $60.95M
Short-Term Investments
Other Short-Term Assets $75.76M $83.16M
YoY Change 4.98% 22.74%
Inventory $23.07M $22.67M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $512.3M $197.8M
YoY Change 196.65% 25.77%
LONG-TERM ASSETS
Property, Plant & Equipment $10.61B $10.70B
YoY Change -3.46% -2.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.224B $1.224B
YoY Change -4.92% -1.88%
Other Assets $8.503M $8.165M
YoY Change -21.69% -23.74%
Total Long-Term Assets $11.99B $12.05B
YoY Change -3.74% -2.85%
TOTAL ASSETS
Total Short-Term Assets $512.3M $197.8M
Total Long-Term Assets $11.99B $12.05B
Total Assets $12.50B $12.25B
YoY Change -1.0% -2.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $215.2M $172.9M
YoY Change -3.21% 0.77%
Accrued Expenses $65.93M $66.86M
YoY Change -3.11% -3.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $459.6M $417.6M
YoY Change -1.32% -1.02%
LONG-TERM LIABILITIES
Long-Term Debt $6.205B $5.942B
YoY Change 0.62% -1.14%
Other Long-Term Liabilities $96.66M $92.37M
YoY Change -79.81% 7.4%
Total Long-Term Liabilities $6.302B $6.034B
YoY Change -5.18% -1.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $459.6M $417.6M
Total Long-Term Liabilities $6.302B $6.034B
Total Liabilities $6.761B $6.660B
YoY Change 0.71% 2.18%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $6.000K $6.000K
YoY Change 0.0% -14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.532B $5.585B
YoY Change
Total Liabilities & Shareholders Equity $12.50B $12.25B
YoY Change -1.0% -2.49%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $93.01M $99.62M
YoY Change -5.77% 61.48%
Depreciation, Depletion And Amortization $137.4M $136.7M
YoY Change 1.36% 1.64%
Cash From Operating Activities $288.1M $211.4M
YoY Change -3.72% 8.75%
INVESTING ACTIVITIES
Capital Expenditures $54.50M $79.99M
YoY Change -156.62% -208.87%
Acquisitions
YoY Change
Other Investing Activities -$13.40M -$9.689M
YoY Change -82.08% -113.96%
Cash From Investing Activities -$67.90M -$89.68M
YoY Change -60.3% 2105.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 111.2M -129.8M
YoY Change -190.39% -48.18%
NET CHANGE
Cash From Operating Activities 288.1M 211.4M
Cash From Investing Activities -67.90M -89.68M
Cash From Financing Activities 111.2M -129.8M
Net Change In Cash 331.4M -8.044M
YoY Change 6390.07% -86.61%
FREE CASH FLOW
Cash From Operating Activities $288.1M $211.4M
Capital Expenditures $54.50M $79.99M
Free Cash Flow $233.6M $131.4M
YoY Change -40.94% -50.94%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Accounting Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements, in accordance with U.S. GAAP, requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an on-going basis, the Company evaluates its estimates, including those related to acquiring, developing and assessing the carrying values of its real estate portfolio, its investments in and advances to joint ventures and affiliates, its notes receivables, and its qualification as a real estate investment trust ("REIT"). The Company bases its estimates on historical experience, current market conditions, and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could be different under different assumptions or conditions.</span></div>
us-gaap Treasury Stock Acquired Average Cost Per Share
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Depreciation
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InterestExpense
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InterestExpense
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DerivativeGainOnDerivative
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ProfitLoss
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Assets
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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