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Mar 31
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
Essex Property Trust
Essex Property Trust
Essex Property Trust Revenue by Geographic Location
Revenue by Geographic Location
Southern California Revenue
CapyFin.comNorthern California Revenue
CapyFin.comSeattle Metro Revenue
CapyFin.com 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