ESSEX PROPERTY TRUST (ESS) Company Report

Essex Property Trust’s operating partnership, Essex Portfolio, L.P., priced an underwritten public offering of $350 million aggregate principal amount of 4.875% senior notes due 2036 at 99.093% of par, yielding 4.988%.
Interest is payable semiannually on February 15 and August 15, commencing August 15, 2026, and the notes are fully guaranteed by Essex Property Trust, Inc.
Net proceeds will repay $450 million of 3.375% senior notes maturing in April 2026 and fund general corporate and potential acquisition activities.
The offering is expected to close on December 12, 2025, with Wells Fargo Securities and J.P. Morgan Securities as joint book-running managers.

1 day ago

8-K

Essex announces Q3 2025 results

ESS

Earnings

Guidance Update

M&A

Net income per diluted share was $2.56, up from $1.84 in Q3 2024, with same-property revenue/NOI growth of 2.7%/2.4% y/y and sequential revenue up 0.7%
Core FFO per diluted share rose by 1.5% y/y, exceeding the guidance midpoint by $0.03
Acquired a 234-unit apartment community for $100.0 million and disposed of three communities for $244.7 million, recording $67.5 million in pro rata gains excluded from FFO
Raised full-year 2025 Net Income guidance to $10.53–10.63 per share (midpoint $10.58) and Core FFO guidance to $15.89–15.99 per share (midpoint $15.94)
Maintained strong liquidity with $1.38 billion of available unsecured commitments and $1.507 billion of total liquidity as of September 30, 2025

Oct 30, 2025, 6:00 PM

Presentation

Essex Property Trust announces Q3 2025 results

ESS

Earnings

Guidance Update

New Projects/Investments

Core FFO per share beat guidance by $0.03, raising the full-year midpoint to $15.94.
YTD through Q3 blended lease rate growth of 3% at all leases and 2.7% on like-term leases; Q3 regional growth: Northern CA ~4%, Southern CA 1.2%, Seattle 2%.
Balance sheet remains strong with net debt/EBITDA of 5.5× and $1.5 billion in liquidity; structured finance redemptions of $118 million YTD and $200 million expected for 2025.
Completed ~$1 billion of Northern California acquisitions at ~4.8% cap rate, delivering a 5.2% yield to Essex.

Oct 30, 2025, 6:00 PM

Transcript

Essex Property Trust reports Q3 2025 results

ESS

Earnings

Guidance Update

New Projects/Investments

Reported Net Income per diluted share of $2.56, FFO per diluted share of $4.03, and Core FFO per diluted share of $3.97 in Q3 2025, representing increases of 39.1%, 5.8%, and 1.5% year-over-year, respectively.
Achieved same-property revenue growth of 2.7% and same-property NOI growth of 2.4% compared to Q3 2024.
Acquired one apartment community for $100.0 million and disposed of three communities for $244.7 million in contract price ($197.2 million at pro rata share) during the quarter.
Raised full-year 2025 guidance, increasing the net income midpoint to $10.58 per diluted share (+$0.41) and the Core FFO midpoint to $15.94 per share (+$0.03).

Oct 29, 2025, 8:37 PM

8-K

Essex Property Trust Outlines West Coast Strategy at 2025 Investor Conference

ESS

New Projects/Investments

Dividends

Capital Allocation

Essex Property Trust underscored its 31-year dividend increase record and its unique position as the only dedicated multifamily REIT focused on West Coast markets, highlighting its strong operating margins relative to peers.
The conference detailed favorable market fundamentals, noting limited new supply and robust tech-driven job growth in Northern California that supports steady rent and income growth.
Discussions centered on strategic capital allocation, including significant fee simple acquisitions in the Bay Area—amounting to approximately $1 billion—and a move to wind down the preferred equity book to optimize long-term returns.
Cost management insights were provided, covering potential tariff impacts on operating expenses and recent moderations in commercial insurance premiums, indicating careful monitoring of external risks.

Jun 4, 2025, 10:46 PM

Essex Property Trust 8-K Update on Credit Facilities

ESS

Debt Issuance

On May 20, 2025, the company replaced its existing $1.2 billion revolving credit facility with a new facility providing a maximum borrowing capacity of $1.5 billion (expandable to $2.5 billion), maturing in January 2030 with an interest rate of SOFR + 0.775%.
The Operating Partnership secured a $300 million unsecured term loan credit facility maturing on May 20, 2028, including provisions for a potential additional increase of $300 million and a fixed rate swap for half of this facility at an all-in rate of 4.1%.
An unsecured commercial paper program was also established with a maximum aggregate issuance of $750 million to support general corporate and working capital needs.

May 20, 2025, 12:00 AM

8-K

Essex Property Trust Q1 2025 Earnings Update

ESS

Earnings

Debt Issuance

M&A

Net income per diluted share fell to $3.16 from $4.25 YoY, while Core FFO per diluted share grew by 3.7% over Q1 2024.
Same-property revenue and NOI increased by 3.4% and 3.3% YoY, with sequential growth of 1.6% and 0.9% respectively.
The company acquired three communities for $345.4M, disposed an asset for $127.0M, and issued $400M of 10-year senior unsecured notes to refinance maturing debt.

Apr 30, 2025, 4:00 PM

Presentation

Essex Property Trust Q1 2025 Earnings Release

ESS

Earnings

Debt Issuance

Dividends

Net Income declined to $3.16 per share in Q1 2025 from $4.25 in Q1 2024, while Core FFO grew 3.7% to $3.97, indicating improved operational performance ( ).
Same-property revenue and NOI increased by 3.4% and 3.3%, respectively, reflecting favorable market conditions ( ).
The company acquired three apartment communities in Northern California for a total of $345.4 million and disposed of a Southern California community for $127.0 million ( , ).
Essex issued $400 million of 10-year senior unsecured notes and increased its dividend by 4.9% to $10.28 per share ( ).

Apr 29, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for ESSEX PROPERTY TRUST.

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