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Arphra AIPlain-English read on Essex Property Trust, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $1.44B | $1.61B | $1.67B | $1.77B | $1.9B | $1.95B | $2.01B | $2.09B | $2.12B |
| Cost of revenue | $232.25M | $497.74M | $532.05M | $566.82M | $592.61M | $622.45M | $618.24M | $681.03M | $667.98M |
| Gross profit | $1.21B | $1.11B | $1.14B | $1.21B | $1.31B | $1.35B | $1.41B | $1.4B | $1.46B |
| Gross margin | +83.88% | +69.02% | +68.13% | +68.06% | +68.82% | +69.05% | +69.87% | +67.04% | +68.89% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $51.84M | $56.58M | $63.47M | $98.9M | $68.65M | $81.95M | $88.74M | $88.75M | $93.87M |
| Total operating expenses | $678.32M | $513.85M | $553.01M | $504.54M | $473.92M | $557.47M | $572.4M | $620.54M | $616.76M |
| Operating income | $530M | $595.23M | $584.34M | $703.1M | $834.03M | $750.66M | $783.13M | $805.12M | $858.83M |
| Operating margin | +36.79% | +37.04% | +35.00% | +39.62% | +43.88% | +38.52% | +38.93% | +38.53% | +40.57% |
| EBITDA | $1.5B | $1.2B | $1.19B | $1.63B | $1.56B | $1.64B | $1.67B | $1.75B | $1.74B |
| EBIT | $983.69M | $656.82M | $643.61M | $1.05B | $955.21M | $953.9M | $967.71M | $1.04B | $1.06B |
| Below the line | |||||||||
| Interest expense | $203.13M | $223.84M | $212.91M | $235.53M | $257.25M | $257.23M | $266.93M | $276.02M | $284.24M |
| Interest income | $98.74M | $0 | $46.26M | $80.95M | $17M | $53.71M | $54.08M | $58.3M | $58.11M |
| Other income / expense | -$14.3M | -$162.24M | -$153.63M | $108.21M | -$136.07M | — | — | — | — |
| Pre-tax income | $515.69M | $432.99M | $430.71M | $811.31M | $697.96M | $703.33M | $747.47M | $773.32M | $781.4M |
| Income tax expense | $0 | $0 | $0 | $0 | $257K | $88.01K | $90.85K | $93.65K | $92.53K |
| Earnings | |||||||||
| Net income | $488.55M | $408.32M | $405.83M | $741.52M | $672.49M | $669.79M | $669.21M | $721.12M | $717.89M |
| Net income · continuing ops | $515.69M | $432.99M | $430.71M | $811.31M | $697.7M | $690.6M | $729.44M | $732.47M | $782.75M |
| Net margin | +33.91% | +25.41% | +24.31% | +41.79% | +35.38% | +34.37% | +33.26% | +34.51% | +33.92% |
| EPS · basic | $7.51 | $6.27 | $6.32 | $11.55 | $10.41 | $5.74 | $5.96 | $6.34 | $7.95 |
| EPS · diluted | $7.51 | $6.27 | $6.32 | $11.54 | $10.41 | $5.82 | $5.98 | $6.33 | $7.98 |
| EPS · low estimate | — | — | — | — | — | $5.73 | $5.84 | $6.13 | $7.72 |
| EPS · high estimate | — | — | — | — | — | $5.89 | $6.11 | $6.47 | $8.16 |
| Shares · basic | 65.05M | 65.08M | 64.25M | 64.23M | 64.46M | 64.13M | 64.88M | 64M | 64.83M |
| Shares · diluted | 65.09M | 65.1M | 64.25M | 64.25M | 64.46M | 64.56M | 64.3M | 64.57M | 64.4M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 14 | 7 | 3 |
| Analysts (EPS) | — | — | — | — | — | 7 | 7 | 1 | 1 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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