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AI brief of an SEC Form 8-K · Essex Property Trust (ESS)

Essex raises 2024 Core FFO guidance midpoint to $15.23 after first-quarter results

Positive Impact 4 of 5 earnings Written later

Essex Property Trust reported first-quarter 2024 net income of $4.25 per diluted share, up from $2.38, with the increase largely due to a gain on remeasurement of co-investments. Core FFO per diluted share rose 4.9% to $3.83 and exceeded the midpoint of company guidance by $0.09, and the company raised its full-year 2024 Core FFO guidance midpoint by $0.20 to $15.23.

Key points

  • Net income per diluted share of $4.25 for Q1 2024 versus $2.38 in Q1 2023, driven by a $138.3 million gain on remeasurement of co-investments
  • Core FFO per diluted share of $3.83 for Q1 2024, up 4.9% from $3.65, and $0.09 above the guidance midpoint
  • Full-year 2024 Core FFO guidance range raised to $15.03 to $15.43 per diluted share, midpoint up $0.20
  • Same-property revenue growth of 3.6% and NOI growth of 3.0% year over year for Q1 2024

The filing

CompanyEssex Property Trust (ESS)
Form8-K, current report
Filed with the SECApr 30, 2024, 4:41 PM ET
Accession number0001140361-24-023399

Items reported: 2.02 Results of Operations

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:11 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 30, 2024.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.