Business Wire·Oct 27, 2026, 4:19 PM ET

Essex Announces Third Quarter 2026 Results and Raises Full-Year 2026 Guidance

ESS

Essex Property Trust reported third quarter 2026 net income per diluted share of $1.52, down 40.6% from $2.56 in the prior year period due to gains on real estate sales recognized in 2025.
Core FFO per diluted share increased 0.8% to $4.00, exceeding the guidance midpoint by $0.01 per share driven by same-property revenue growth.
Same-property revenue grew 3.0% year-over-year & same-property NOI grew 3.1% for the quarter, with revenue improving 1.0% sequentially.
The company disposed of three apartment communities for a total pro rata contract price of $111.9 million.
Essex obtained a $275.0 million unsecured term loan priced at SOFR plus 0.80%, maturing in September 2029.
Full-year 2026 Core FFO guidance was revised upward to a midpoint of $16.16 per share, an increase of $0.02 from the previous range.
Same-property revenue guidance for 2026 was raised to a midpoint of 2.9%, an increase of 0.10 percentage points.
Northern California markets led revenue growth with a 5.4% year-over-year increase, while Southern California grew 1.5% & Seattle Metro grew 1.3%.
Financial occupancy for the same-property portfolio stood at 96.3% as of September 30, 2026.
The company acquired a 378-unit community in Oakland, CA, following the liquidation of a subordinated loan interest & payoff of a senior mortgage.
Year-to-date stock repurchases totaled $61.9 million for 254,001 shares, leaving $500.0 million in remaining purchase authority.
A conference call to discuss results is scheduled for October 28, 2026, at 9 a.m. PT.