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Sep 30, 2025
Essex Property Trust Q3 2025 Earnings Report
Essex Property Trust reported Q3 2025 results with higher net income driven by real estate gains and modest Core FFO growth.
Key Takeaways
Essex delivered stronger net income in Q3 2025, primarily due to gains on asset sales, while Core FFO slightly exceeded guidance. Same-property performance showed stable growth, and full-year guidance was raised modestly.
Net income per diluted share increased to $2.56, driven by gains on property sales.
Core FFO per diluted share was $3.97, exceeding guidance midpoint by $0.03.
Same-property revenue and NOI rose 2.7% and 2.4% YoY, respectively.
Full-year 2025 guidance for Net Income and Core FFO was raised.
Revenue by Geographic Location
Forward Guidance
Essex raised full-year 2025 guidance for Net Income and Core FFO, reflecting gains from real estate sales and improved operational metrics.
Positive Outlook
- Raised Net Income per diluted share guidance midpoint to $10.58
- Raised Core FFO per diluted share guidance midpoint to $15.94
- Maintained same-property revenue growth guidance midpoint at 3.15%
- Reaffirmed NOI growth midpoint of 3.10%
- Exceeded Q3 Core FFO guidance by $0.03 per share
Challenges Ahead
- Sequential decline in same-property NOI of -1.5%
- Seattle Metro saw a 3.1% drop in sequential NOI
- Southern California's sequential NOI dropped by -1.3%
- Operating expenses rose 6.2% QoQ in same-property portfolio
Historical Earnings Impact
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Avg. Return Before/After Earnings
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