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Essex Property Trust

Essex Property Trust (ESS) Q2 2026 Earnings

Reported Jul 29, 2026 at 4:34 PM ET · SEC Source

Q2 26 EPS

$4.08

BEAT +177.74%

Est. $1.47

Q2 26 Revenue

$489.0M

BEAT +0.76%

Est. $485.4M

vs S&P Since Q2 26

-5.9%

TRAILING MARKET

ESS -2.6% vs S&P +3.2%

Market Reaction

Did ESS Beat Earnings? Q2 2026 Results

Essex Property Trust delivered a strong second quarter for 2026, with Core FFO per diluted share of $4.08 clearing the consensus estimate of $1.47 by 177.74%, while revenue of $489.05 million edged past expectations by 0.76% and grew 4.1% year over y… Read more Essex Property Trust delivered a strong second quarter for 2026, with Core FFO per diluted share of $4.08 clearing the consensus estimate of $1.47 by 177.74%, while revenue of $489.05 million edged past expectations by 0.76% and grew 4.1% year over year. The outperformance was driven primarily by stronger-than-anticipated same-property and non-same-property net operating income, with Northern California emerging as the standout region, posting 4.4% same-property revenue growth and 6.8% NOI growth led by San Francisco at 7.0%. Portfolio-wide financial occupancy held at 96.3%, and new lease rate growth turned positive at 1.0%, a notable improvement from negative 2.4% in the prior quarter. Analysts have taken note, with at least one firm lifting its price target on the stock following results. Looking ahead, Essex raised its full-year 2026 Core FFO guidance midpoint by $0.20 to $16.14 per diluted share, representing 1.3% year-over-year growth, while setting third-quarter Core FFO guidance at $3.93 to $4.05 per diluted share.

Key Takeaways

  • • Same-property revenue growth of 2.7% YoY driven by 2.2% scheduled rent growth and 0.6% other income growth
  • • Northern California led performance with 4.4% revenue growth and 6.8% NOI growth YoY
  • • San Francisco same-property revenue grew 7.0% YoY, the strongest individual market
  • • New lease rate growth turned positive at 1.0% in Q2 after negative rates in prior quarters
  • • Blended lease rate growth of 3.6% with 4.8% renewal growth
  • • Financial occupancy of 96.3% across the same-property portfolio, up 10 bps YoY
  • • Higher non-same-property NOI contributed $0.03 per share above guidance midpoint
  • • Same-property operating expenses rose 2.8% YoY in Q2 driven by utilities (+8.3%) and real estate taxes (+3.3%), offset by flat personnel costs and lower insurance (-1.8%)
  • • Same-property NOI of $316,831 thousand in Q2 2026 vs $308,724 thousand in Q2 2025

ESS Forward Guidance & Outlook

Essex raised its full-year 2026 Core FFO guidance to $16.03-$16.25 per diluted share (midpoint $16.14, up $0.20 from prior guidance), representing 1.3% year-over-year growth. Full-year net income guidance was revised to $5.47-$5.69 per diluted share (midpoint $5.58, down $0.29 due to legal settlements). Same-property revenue, operating expense, and NOI growth guidance midpoints were all revised to 2.8% on a cash basis (2.9% on a GAAP basis for revenue and NOI). Q3 2026 Core FFO guidance was set at $3.93-$4.05 per diluted share (midpoint $3.99), with sequential declines expected from higher utility costs, property tax timing, and controllable spend timing. Full-year NOI from consolidated communities is guided at $1,365,500-$1,377,500 thousand. Full-year interest expense before capitalized interest is guided at $264,600 thousand (low) to $264,600 (high). Full-year G&A is guided at $62,000-$64,000 thousand.

24/7 Wall St

ESS YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

ESS Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
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ESS Revenue by Geography

With YoY comparisons, source: SEC Filings

Q1 25 Q2 26
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