Essex Property Trust, Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2019; Announces Impairment Charges for the Fourth Quarter Ended December 31, 2019; Provides Earnings Guidance for the Full Year 2020
For the year, the company's net income available to common stockholders was $439,286,000 compared to $390,153,000 a year ago. Net Income per diluted share was $6.66 compared to $5.90 a year ago. Earnings from operations was $481,112,000 compared to $511,989,000 a year ago. Net operating income was $1,052,933,000 compared to $1,005,536,000 a year ago.
The company announced impairment loss of $7,105,000 for the fourth quarter ended December 31, 2019.
The company also provided earnings guidance for the full year 2020. For the year, the company expects net income per diluted share to be in the range of $9.20 to $9.60, gross revenue to be in the range of 2.6% to 3.6% and net operating income to be in the range of 2.2% to 4.0%.