Companies /Real Estate

Essex Property Trust Inc

NYSE: ESS Reit - Residential
$274.76
▲ $3.37 (+1.24%) today
Markets closed · 3:06am ET

Q2 2025 Earnings

Reported Jul 29, 2025, 4:55pm ET · SEC source
$3.44
Beat +142.25%
EPS · est. $1.42
$469.8M
Beat +0.77%
Revenue · est. $466.2M
−1.0%
Trailing market
ESS vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−9%−6%−3%0Jul 29Jul 30report 4:55pm ETearnings+0.6%−8.9%
−9%−6%−3%0Jul 29Jul 30earnings+0.6%−8.9%
ESS −8.9%S&P 500 +0.6%
−9%−6%−3%0Jul 29Jul 30report 4:55pm ETearnings+1.2%−8.9%
−9%−6%−3%0Jul 29Jul 30earnings+1.2%−8.9%
ESS −8.9%NASDAQ +1.2%
−12%−8%−4%0Jul 28Aug 6report 4:55pm ETearnings−0.4%−12.8%
−12%−8%−4%0Jul 28Aug 6earnings−0.4%−12.8%
ESS −12.8%S&P 500 −0.4%
−10%−5%0Jul 28Aug 6report 4:55pm ETearnings−0.0%−12.8%
−10%−5%0Jul 28Aug 6earnings−0.0%−12.8%
ESS −12.8%NASDAQ −0.0%
−7.64%
Day of report
−3.08%
Next session
−5.19%
One week
+0.65%
30 days

S&P 500 over the same 30 days: +1.67%.

Did ESS Beat Earnings? Q2 2025 Results

Essex Property Trust delivered a headline beat in the second quarter of 2025, reporting earnings per share of $3.44 against a consensus estimate of $1.42, a 142.25% positive surprise, while revenue climbed 6.2% year-over-year to $469.83 million, edging past the $466.23 million consensus by 0.77%. The outsized EPS figure was primarily driven by a $126.20 million gain on the sale of the Essex Skyline community in Santa Ana, California, though the underlying operating picture was equally solid, with Core FFO per diluted share growing 2.3% year-over-year to $4.03 and same-property revenue rising 3.2%. San Francisco led regional performance with 6.5% same-property revenue growth, even as Southern California, particularly Los Angeles, faced headwinds from lingering economic softness and prior eviction moratoriums. On the strength of these results, Essex raised its full-year 2025 Core FFO guidance to $15.80 to $16.02 per diluted share and projects a meaningful supply tailwind as West Coast multifamily deliveries are expected to fall from roughly 32,600 units in 2025 to 21,400 in 2026.

Key Takeaways
  • Same-property revenue growth of 3.2% year-over-year driven by higher rental rates
  • Delinquency improvement to 0.5% from 1.0% year-over-year
  • Favorable property taxes in Washington state
  • Gain on sale of real estate of $126.2 million from Essex Skyline disposition
  • Blended lease rate growth of 3.0% (new lease 0.7%, renewal 4.2%)
  • Financial occupancy steady at 96.2%

Forward Guidance & Outlook

Essex raised full-year 2025 guidance. Core FFO per diluted share is now expected at $15.80 to $16.02 (up from $15.69 to $15.97). Same-property revenue growth guidance (cash basis) is 2.80% to 3.50%, and same-property NOI growth is 2.70% to 3.50%. Third quarter 2025 Core FFO guidance is $3.89 to $3.99 per diluted share, with EPS of $2.05 to $2.15. Full-year EPS is guided at $10.05 to $10.29. The guidance assumes $200M in preferred equity redemptions for the full year and reflects investment activity through July. Supply forecasts indicate total multifamily deliveries across Essex markets declining from approximately 32,600 in 2025E to 21,400 in 2026E, a favorable demand/supply dynamic.

ESS YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$0$200.0M$400.0M$442.4M$469.8MRevenue$137.5M$279.7MOperating Income$92.9M$231.5MNet Income
$0$200.0M$400.0MRevenueOperating IncomeNet Income

ESS Revenue by Segment

Same-Property
Same-Property Portfolio$410.9M+3.2%
Same-Property Residential
Same-Property Southern California
Same-Property Northern California
Same-Property Seattle Metro
Acquisitions Portfolio$41.8M
Acquisitions

ESS Revenue by Geography

Southern California$169.3M+3.1%
Northern California$167.1M+3.4%
Seattle Metro$74.5M+2.8%

Figures from SEC filings and company reports. Not investment advice.