Companies /Real Estate

Essex Property Trust Inc

NYSE: ESS Reit - Residential
$274.76
▲ $3.37 (+1.24%) today
Markets closed · 6:05am ET

Q4 2025 Earnings

Reported Feb 4, 2026, 4:43pm ET · SEC source
$1.25
Miss −14.88%
EPS · est. $1.47
$479.6M
Beat +1.18%
Revenue · est. $474.0M
+1.2%
Beating market
ESS vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−1%0+1%Feb 4Feb 5report 4:43pm ETearnings−1.5%+0.7%
−1%0+1%Feb 4Feb 5earnings−1.5%+0.7%
ESS +0.7%S&P 500 −1.5%
−2%0Feb 4Feb 5report 4:43pm ETearnings−1.7%+0.7%
−2%0Feb 4Feb 5earnings−1.7%+0.7%
ESS +0.7%NASDAQ −1.7%
0+3%+6%Feb 3Feb 12report 4:43pm ETearnings−0.8%+0.9%
0+3%+6%Feb 3Feb 12earnings−0.8%+0.9%
ESS +0.9%S&P 500 −0.8%
−3%0+3%+6%Feb 3Feb 12report 4:43pm ETearnings−1.0%+0.9%
−3%0+3%+6%Feb 3Feb 12earnings−1.0%+0.9%
ESS +0.9%NASDAQ −1.0%
−0.43%
Day of report
+2.61%
Next session
−0.05%
One week
+1.11%
30 days

S&P 500 over the same 30 days: −0.06%.

Did ESS Beat Earnings? Q4 2025 Results

Essex Property Trust delivered a mixed fourth quarter for 2025, beating revenue expectations while falling short on earnings per share. The West Coast apartment REIT posted revenue of $479.63 million, ahead of the $470.35 million consensus by 1.97% and up 5.5% year-over-year, but GAAP EPS of $1.25 trailed the $1.45 estimate by 13.79%, a gap driven largely by the absence of prior-year gains on real estate sales and co-investment remeasurements that had inflated the year-ago comparison. Underneath the headline miss, operating fundamentals held firm, with Core FFO per diluted share rising 1.5% year-over-year to $3.98 and financial occupancy improving to 96.3%. Northern California remained the standout region, with San Mateo County delivering 6.2% same-property revenue growth in the quarter. Looking ahead, Essex guided 2026 Core FFO per diluted share to a midpoint of $15.94, though structured finance headwinds tempered the outlook; Stifel responded by trimming its price target to $278 while maintaining a Hold rating on the stock.

Key Takeaways
  • Same-property revenue growth of 3.8% year-over-year in Q4 2025
  • Same-property NOI growth of 3.8% year-over-year in Q4 2025
  • Financial occupancy improvement to 96.3% from 95.9% year-over-year
  • Delinquency as percentage of scheduled rent improved to 0.5% from 1.3% in Q4 2024
  • Core FFO per diluted share grew 1.5% year-over-year in Q4 and 2.2% for full year
  • San Mateo County same-property revenue growth of 6.2% and Santa Clara County of 5.2% in Q4
  • Northern California led with 4.2% same-property revenue growth in Q4

Forward Guidance & Outlook

For full-year 2026, Essex guided Net Income per diluted share of $5.55 to $6.05 (midpoint $5.80), Total FFO per diluted share of $15.54 to $16.04 (midpoint $15.79), and Core FFO per diluted share of $15.69 to $16.19 (midpoint $15.94). Q1 2026 Core FFO is guided at $3.89 to $4.01 (midpoint $3.95). Same-property revenue growth is expected at 2.25% to 3.25% (cash basis), with same-property NOI growth of 0.8% to 3.4%. Key assumptions include $175 million in structured finance maturities, approximately $80 million in development funding with no new development starts, and revenue-generating capital expenditures of approximately $100 million at pro rata share. Management expects a muted U.S. labor market with the West Coast modestly outperforming driven by technology sector growth, and similar blended rate growth to 2025 at a 2.5% midpoint, with lower supply in 2026 offsetting soft job growth.

ESS YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$200.0M$400.0M$454.4M$479.6MRevenue$304.5M$152.1MOperating Income$257.4M$85.7MNet Income
$0$200.0M$400.0MRevenueOperating IncomeNet Income

ESS Revenue by Segment

Same-Property
Same-Property Portfolio
Same-Property Residential
Same-Property Southern California$172.0M+3.8%
Same-Property Northern California$168.0M+4.2%
Same-Property Seattle Metro$74.9M+3.1%
Acquisitions Portfolio
Acquisitions

ESS Revenue by Geography

Southern California$172.0M+3.8%
Northern California$168.0M+4.2%
Seattle Metro$74.9M+3.1%

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