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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 share exceeded guidance by $0.03, increasing 1.5% year-over-year to $3.97, with the full-year guidance midpoint raised to $15.94.
Same-property revenue and NOI grew 2.7% and 2.4% year-over-year, with sequential revenue up 0.7%.
Portfolio outperformed in Northern California, 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%.
Year-to-date, $118 million in structured finance redemptions received; $200 million expected for the full year.
Total market capitalization at $24.5 billion as of 9/30/2025; liquidity of $1.5 billion.
Net debt to EBITDA at 5.5x; debt to total assets at 34%; interest coverage at 517%.
Outlook and guidance
Full-year 2025 net income per diluted share guidance raised to $10.53–$10.63; Core FFO per share to $15.89–$15.99.
2026 portfolio expected to be well-positioned, with low housing supply, affordability, and tech sector demand as catalysts.
Blended lease rates for H2 2025 forecasted to be similar to last year; 2026 earnings growth projected at 80–100 basis points.
Structured finance redemptions to reduce 2026 core FFO growth by ~150 basis points.
Management expects sufficient liquidity from operations, cash, 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?
Seattle's 2026 outlook: supply vs demand drivers
Preferred book strategy: size and yields
AI's net impact on West Coast job growth
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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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