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Mar 31, 2025
Essex Property Trust Q1 2025 Earnings Report
Essex Property Trust reported solid Q1 2025 results with growth in Core FFO and same-property revenues.
Key Takeaways
Essex delivered strong Core FFO performance that beat guidance, supported by same-property revenue growth and favorable investment income. Net income declined due to prior-year gains that did not recur.
Core FFO per share rose 3.7% YoY to $3.97, beating guidance midpoint by $0.05
Net income declined YoY due to lack of 2024 gains from legal settlements and co-investments
Same-property revenue and NOI grew 3.4% and 3.3% YoY respectively
Essex acquired $345.4M in new properties and disposed of a $127M asset in Q1
Revenue by Geographic Location
Forward Guidance
Essex reaffirmed its 2025 full-year guidance, expecting stable Core FFO and NOI growth with solid investment activity.
Positive Outlook
- Core FFO guidance range reaffirmed at $15.56–$16.06 per share
- Q2 2025 Core FFO expected between $3.90–$4.02
- Same-property revenue growth guided at 2.25% to 3.75%
- Investment volume anticipated between $500M and $1.5B
- Maintained strong liquidity with $1.4B in available resources
Challenges Ahead
- Operating expenses expected to rise 3.25% to 4.25%
- Seattle NOI growth flat YoY and down sequentially
- Loss on early debt retirement recorded in Q1
- Cash flow from operations not explicitly detailed
- No update on cost of revenue or gross profit margins
Historical Earnings Impact
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Avg. Return Before/After Earnings
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