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Company Research7 May 2024
Companies That Had Their IPO in 1994: A Cautious Market
An overview of the year 1994 in the stock and IPO market, as the interest rates soared and the bond market collapsed.
Essex Property Trust (ESS) investor relations material
Essex Property Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net income per diluted share rose to $2.56 in Q3 2025, up 39.1% year-over-year, mainly due to gains on real estate sales.
Core FFO per diluted share increased 1.5% year-over-year to $3.97, exceeding guidance midpoint by $0.03.
Same-property revenue and NOI grew 2.7% and 2.4% year-over-year, with sequential revenue up 0.7%.
Portfolio outperformed in low-supply markets, with Northern California leading performance, especially San Francisco and Santa Clara, driven by AI-related demand and positive migration.
Acquired a 234-unit property in San Jose for $100 million and sold three communities for $244.7 million, realizing a $67.5 million gain (excluded from FFO).
Financial highlights
Q3 2025 net income was $164.6 million, up from $118.4 million in Q3 2024.
Q3 2025 FFO per share was $4.03, up 5.8% year-over-year; Core FFO per share was $3.97, up 1.5%.
Full-year 2025 net income and Core FFO per share guidance raised, with Core FFO midpoint up to $15.94.
Same-property revenue, expenses, and NOI growth midpoints reaffirmed at 3.15%, 3.25%, and 3.10%, respectively.
Total market capitalization at $24.5 billion as of 9/30/2025.
Outlook and guidance
2026 outlook anticipates stable growth, with earnings expected to increase 80-100 basis points; 2026 core FFO growth expected to be reduced by ~150 basis points due to structured finance redemptions.
Full-year 2025 net income per diluted share guidance raised to $10.53–$10.63; Core FFO to $15.89–$15.99.
Same-property revenue growth guidance midpoint: 3.15%; NOI growth: 3.10%.
Supply deliveries projected to decline by almost 40% in 2026, supporting optimism for market fundamentals.
Management expects sufficient liquidity from operations, cash, marketable securities, and credit facilities to meet all anticipated needs over the next twelve months.
Recent capital allocation yield accretion?
Impact of 2026E supply drop in San Jose?
Address rising utility and insurance expenses
AI-driven job growth outlook for West Coast?
Reassess shrinking structured finance book?
LA and Seattle recovery drivers for 2026?
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Next Essex Property Trust earnings date
Q4 20254 Feb, 2026
Next Essex Property Trust earnings date
Q4 20254 Feb, 2026
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Frequently asked questions
Essex Property Trust is a fully integrated REIT that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. Our successful strategy has been to focus on select growth markets with favorable supply/demand characteristics and employ our culture of continuous innovation and disciplined capital allocation to deliver long-term shareholder value.
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