ESSEX PROPERTY TRUST (ESS) Company Report

Reported Q4 2025 net income per diluted share of $1.25, down from $4.00 in Q4 2024; full-year net income per share $10.40 vs $11.54 in 2024.
Achieved 1.5% Q4 and 2.2% FY growth in Core FFO per share, driven by 3.8% Q4 same-property revenue and NOI growth.
Completed FY 2025 acquisitions of seven communities for $829.4 million and dispositions of five communities for $563.8 million.
Issued $350.0 million of 10-year senior unsecured notes at 4.875% interest; ended 2025 with >$1.7 billion of liquidity.
2026 guidance: net income per share of $5.55–$6.05 and Core FFO of $15.69–$16.19, with same-property revenue growth midpoint of 2.4%.

1 day ago

Presentation

Essex Property Trust reports Q4 2025 results and 2026 outlook

ESS

Earnings

Guidance Update

Achieved 3.3% full‐year same‐property revenue growth at the high end of guidance and FFO per share growth above the midpoint of the range for 2025.
Q4 2025 delivered 1.9% blended lease rate growth, 96.3% occupancy (up 20 bps sequentially) and average concessions of one week, led by Northern California and a 70 bps occupancy improvement in Los Angeles.
2026 guidance assumes 2.4% same‐property revenue growth at midpoint (85 bps earn-in, 2.5% blended lease growth, 30 bps other income), 3.0% expense growth and flat Core FFO per share (impacted by a 1.8% structured‐finance headwind).
West Coast institutional multifamily transactions totaled $12.6 billion in 2025 (+43% YoY), with cap rates compressing to the low- to mid-4% range; Essex remains the largest Northern California investor.
Maintains strong liquidity (over $1.7 billion), with free cash flow covering dividends, planned capex and development, and reduced near-term debt maturities following a December bond offering.

1 day ago

Transcript

Essex reports Q4 2025 results

ESS

Earnings

Guidance Update

New Projects/Investments

Achieved 3.3% same-property revenue growth (high end of guidance) and FFO per share growth above midpoint for full year 2025.
Q4 property operations delivered 1.9% blended lease rate growth, occupancy of 96.3% (+20 bps QoQ) with typical one-week concessions; Northern California led performance and Los Angeles occupancy rose 70 bps sequentially.
2026 guidance calls for 2.4% same-property revenue growth midpoint, 3% expense growth and flat Core FFO per share; forecasts a 20% YoY decline in new supply to support rent growth similar to 2025.
West Coast institutional multifamily transactions totaled $12.6 billion in 2025 (↑43% YoY) with cap rates in the low- to mid-4% range; Essex was the largest investor in Northern California.

1 day ago

Transcript

Essex Property Trust announces Q4 & full-year 2025 results

ESS

Earnings

Guidance Update

Full-year 2025 same-store revenue growth of 3.3% at the high end of guidance and FFO per share growth above midpoint ; Q4 blended lease rate growth of 1.9%, occupancy rose to 96.3% with a 70 bps sequential gain in Los Angeles.
2026 outlook assumes stable demand and ~20% decline in new supply, targeting blended rent growth above the U.S. average and Core FFO per share flat YoY, reflecting a 1.8% headwind from Structured Finance redemptions.
West Coast multifamily transaction volume reached $12.6 billion in 2025 (+43% YoY), with cap rates in the low to mid-4% range; Essex was the largest investor in Northern California, driving significant NAV appreciation.
Balance sheet fortified with $1.7 billion of liquidity; free cash flow covers dividends, capital expenditures, and development, with reduced near-term maturity risk following a December bond offering.

1 day ago

Transcript

Essex Property Trust reports Q4 2025 earnings and 2026 guidance

ESS

Earnings

Guidance Update

Debt Issuance

Reported Q4 Net Income per diluted share of $1.25 (vs. $4.00 Q4 2024), FFO of $3.94 and Core FFO of $3.98; full-year Net Income per share of $10.40 (vs. $11.54), FFO of $15.98 (vs. $15.99) and Core FFO of $15.94 (vs. $15.60).
Achieved same-property revenue and NOI growth of 3.8% in Q4; full-year same-property revenue and NOI rose 3.3% and 3.2%, respectively.
Completed seven apartment community acquisitions for $829.4 million and five dispositions for $563.8 million in 2025; issued $350 million of 10-year senior unsecured notes at 4.875%.
Entered 2026 with over $1.7 billion of immediately available liquidity and provided 2026 Core FFO per share guidance of $15.69–16.19 (midpoint $15.94) and Q1 Core FFO guidance of $3.89–4.01.

2 days ago

8-K

Essex Property Trust reports Q4 and full-year 2025 results and 2026 guidance

ESS

Earnings

Guidance Update

Debt Issuance

Q4 2025 net income per diluted share of $1.25, down 68.8% YoY; FY 2025 net income per share of $10.40, down 9.9% YoY.
Core FFO per diluted share rose 1.5% to $3.98 in Q4 and 2.2% to $15.94 for FY 2025, driven by favorable same-property revenue growth.
Same-property revenue and NOI grew 3.8% in Q4 and 3.3%/3.2% for FY, both exceeding guidance midpoints.
Full-year 2025 transaction activity: acquired seven communities for $829.4 million and disposed of five for $563.8 million.
2026 guidance: net income of $5.55–$6.05 per share, total FFO of $15.54–$16.04, and core FFO of $15.69–$16.19 per share.

2 days ago

Press Release

Essex Property Trust issues $350M senior notes due 2036

ESS

Debt Issuance

On December 12, 2025, Essex Portfolio, L.P., the operating partnership of Essex Property Trust, Inc., issued $350.0 million of 4.875% senior notes due February 15, 2036.
Net proceeds were approximately $344.2 million, planned to repay upcoming maturities including part of the $450.0 million 3.375% senior notes due April 2026 and for general corporate and working capital purposes.
The unsecured notes rank equally with other senior obligations but are effectively subordinated to secured debt and subsidiaries’ liabilities; interest is payable semi-annually on February 15 and August 15, commencing August 15, 2026.
Essex Property Trust, Inc. unconditionally guarantees the notes, which are governed by the Base Indenture (March 14, 2024) and a Third Supplemental Indenture dated December 12, 2025, featuring customary restrictive covenants.

Dec 12, 2025, 9:09 PM

8-K

Essex Property Trust prices $350M senior notes

ESS

Debt Issuance

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.

Dec 4, 2025, 2:44 AM

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

Earnings Transcripts

Quarterly earnings call transcripts for ESSEX PROPERTY TRUST.

Q4 2025

Feb 5, 2026

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Q3 2025

Oct 30, 2025

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Q2 2025

Jul 30, 2025

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ESSEX PROPERTY TRUST (ESS)

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