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Essex Property Trust (ESS) investor relations material
Essex Property Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Core FFO per share exceeded guidance midpoint by $0.07, rising 2.3% year-over-year, with net income per diluted share up to $3.44, mainly from real estate gains.
Northern California and Seattle outperformed with blended rate and same-property revenue growth; Southern California lagged due to supply and delinquency issues.
Acquired two Northern California communities for $240.5M and sold properties in Southern and Northern California.
$1B in Northern California acquisitions over 12 months generated mid to high 4% yields and immediate NAV accretion.
Liquidity enhanced by $300M term loan and $1.5B revolver, both with extended maturities and flexible terms.
Financial highlights
Same-property revenue and NOI grew 3.2% and 3.3% year-over-year; sequentially up 1.0% and 2.5%.
Core FFO per share for Q2 2025 was $4.03, up from $3.94 in Q2 2024.
Net debt to EBITDA at 5.5x; total market capitalization reached $25.7B.
9% decline in Washington property taxes contributed to expense reduction.
Total liquidity of $1.5B as of July 25, 2025.
Outlook and guidance
Raised full-year 2025 core FFO per share midpoint by $0.10 to $15.91; net income guidance midpoint up $0.73 to $10.17.
Increased same-property revenue growth midpoint to 3.15% and NOI growth midpoint to 3.10%.
Q3 2025 core FFO per share guidance set at $3.94, reflecting seasonal expense increases.
Guidance assumes moderating market rents in H2, with seasonal peak in late July.
Guidance range reflects macroeconomic and market risks, including LA delinquency recovery.
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