Essex Property Trust

Latest Results (31.08.2026):

Essex Property Trust's third quarter of 2025 results show strong GAAP net income per diluted share of $2.56 (Q3 2024: $1.84) driven largely by gains on sales, while Core FFO per diluted share rose modestly to $3.97 (up 1.5% YoY). Same‑property revenue and NOI grew 2.7% and 2.4% year‑over‑year, and the company strengthened liquidity and updated full‑year guidance higher.

Earnings & FFO

Q3 2025 net income per diluted share was $2.56 (+39.1% YoY). Total FFO per diluted share was $4.03 (+5.8% YoY) and Core FFO per diluted share was $3.97 (+1.5% YoY). Nine‑month Core FFO per diluted share was $11.96 (up 2.4% vs. prior year).

Same‑Property Performance

Same‑property revenue increased 2.7% YoY and same‑property NOI rose 2.4% YoY for Q3 2025; sequential same‑property revenue improved 0.7%. Scheduled rents were the largest contributor (+2.4% YoY) and portfolio financial occupancy remained high at ~96.1%.

Acquisitions & Dispositions

The Company acquired ViO (234 units, San Jose) for $100.0M. It disposed of three communities for $244.7M in contract price ($197.2M at pro rata share) and recorded material gains on sales in the quarter (including $47.8M gain on an Oakland sale and $14.5M on Berkeley), which were excluded from Total and Core FFO.

Investments & Redemptions

Essex received $71.4M in redemption proceeds from four preferred equity investments (10.1% weighted avg return) in Q3 and YTD redemptions totaled $117.5M (9.8% weighted avg). It also committed $21.3M pro rata to a preferred equity investment yielding a 13.5% preferred return and Wesco VII originated a $42.6M preferred equity for development.

Guidance

The company raised full‑year net income per diluted share midpoint by $0.41 to $10.58 and raised the Core FFO midpoint by $0.03 to $15.94. Q4 Core FFO guidance is $3.93–$4.03 (midpoint $3.98); same‑property revenue, expense and NOI midpoints were reaffirmed.

Balance Sheet & Liquidity

Essex increased its unsecured credit facility from $1.2B to $1.5B (maturity extended to Jan 2030) and amended a $300M unsecured term loan to extend maturity to Jan 2031 and reduce interest (swapped to a fixed 4.07% through Oct 2026). Available liquidity was approximately $1.5B as of Sept. 30, 2025.