What factors influenced ESS's earnings in 2024?

Essex Property Trust Inc (ESS) experienced strong earnings in 2024 due to several key factors:

1. **Strong Quarterly Performance**: ESS's core Funds from Operations (FFO) per share exceeded expectations, leading to a third guidance raise for the year. This indicates robust operational performance and investor confidence in the company's financial outlook.
2. **Strategic Acquisitions**: ESS's strategic joint venture investments and acquisitions have contributed to its strong financial results. These moves have enhanced the company's portfolio and market position, particularly in key regions like Seattle.
3. **Blended Lease Rates Growth**: The company achieved a 2.2% growth in blended lease rates, with new leases showing a 10 basis point increase and renewals growing by 3.9%. This reflects effective pricing power and demand for its properties.
4. **Same-Property Revenue and NOI Growth**: ESS raised its full-year core FFO guidance to $15.56 per share, representing a 3.5% year-over-year growth. This optimism is supported by a midpoint increase in same-property revenue growth to 3.25% and a expected same-property NOI growth of 2.6%.
5. **Market Position and Portfolio**: ESS's focus on high-quality residential properties in strategic locations, such as the West Coast, has positioned it well to capitalize on market demand. Its ownership of 255 properties across 27 markets underscores its diversified and stable revenue stream.

In summary, ESS's earnings in 2024 were influenced by its strong operational performance, strategic initiatives, and favorable market conditions, which collectively contributed to robust growth and positive investor sentiment.