Essex Property Trust FFO of $3.97 beats by $0.02

* Essex Property Trust press release [https://seekingalpha.com/pr/20285260-essex-announces-third-quarter-2025-results-and-raises-full-year-2025-guidance] (ESS [https://seekingalpha.com/symbol/ESS]): Q3 FFO of $3.97 beats by $0.02.

* Grew Core FFO per diluted share by 1.5% compared to the third quarter of 2024, exceeding the midpoint of the Company’s guidance range by $0.03.

* Achieved same-property revenue and net operating income (“NOI”) growth of 2.7% and 2.4%, respectively, compared to the third quarter of 2024. On a sequential basis, same-property revenue improved 0.7%.

* Acquired one apartment home community for a contract price of $100.0 million.

* Disposed of three apartment home communities for a total contract price of $244.7 million ($197.2 million at pro rata share).

* Received $71.4 million in redemption proceeds from four preferred equity investments yielding a 10.1% weighted average rate of return.

* Committed $21.3 million at the Company’s pro rata share to one preferred equity investment yielding a preferred return of 13.5%.

* Raised full-year Net Income per diluted share guidance by $0.41 at the midpoint to a range of $10.53 to $10.63.

* Raised full-year Core FFO per diluted share guidance by $0.03 at the midpoint to a range of $15.89 to $15.99. This represents 2.2% growth at the midpoint compared to the prior year.

* Reaffirmed full-year guidance midpoints for same-property revenues, expenses, and NOI growth.

*
2025 Full-Year and Fourth Quarter Guidance

Per Diluted Share

Net Income

$10.05 - $10.29

$10.53 - $10.63

$10.58

+$0.41

Total FFO

$15.77 - $16.01

$15.91 - $16.01

$15.96

+$0.07

Core FFO

$15.80 - $16.02

$15.89 - $15.99

$15.94

+$0.03

Q4 2025 Core FFO

N/A

$3.93 - $4.03

$3.98

N/A

Same-Property Portfolio Growth (1)

Revenues

2.90% to 3.40%

3.00% to 3.30%

3.15%

-

Operating Expenses

3.00% to 3.50%

3.00% to 3.50%

3.25%

-

Net Operating Income

2.70% to 3.50%

2.80% to 3.40%

3.10%

-

Click to enlarge

* Q4 FFO consensus of $4.00
* FY FFO consensus is $15.95

MORE ON ESSEX PROPERTY TRUST

* Essex Property: While Everyone Is Bearish On California, I'm Buying [https://seekingalpha.com/article/4831071-essex-property-while-everyone-is-bearish-on-california-im-buying]
* Essex Property Trust: California Exposure A Tailwind In A Weak Rental Market [https://seekingalpha.com/article/4819703-essex-property-trust-california-exposure-a-tailwind-in-a-weak-rental-market]
* Piper Sandler downgrades AvalonBay Communities, Essex Property Trust after earnings [https://seekingalpha.com/news/4477306-piper-sandler-downgrades-avalonbay-communities-essex-property-trust-after-earnings]
* Seeking Alpha’s Quant Rating on Essex Property Trust [https://seekingalpha.com/symbol/ESS/ratings/quant-ratings]
* Historical earnings data for Essex Property Trust [https://seekingalpha.com/symbol/ESS/earnings]