Earnings Releases·Oct 27, 2026, 4:34 PM ET

Essex Property Trust — Third Quarter 2026 Earnings Summary

Net Income per diluted share declined 40.6% year-over-year to $1.52 due to prior-year real estate sale gains, while Core FFO per share rose 0.8% to $4.00 and Total FFO fell 1.2% to $3.98; same-property revenue and NOI grew 3.0% and 3.1% respectively.
Management raised full-year 2026 guidance for Net Income per share to $5.62–$5.74, Core FFO per share to $16.10–$16.22, and same-property revenue/NOI growth to 2.9% and 3.0%, citing strong regional performance.
The company disposed of three apartment communities for $111.9 million and subsequently acquired a 378-unit Oakland community via loan liquidation, while maintaining a $12.82 billion asset base and $6.61 billion net debt.
Capital return and liquidity activities included $61.9 million in share repurchases (254,001 shares) year-to-date, $16.4 million in forward sale proceeds, and a new $275 million unsecured term loan, leaving $1.7 billion in total liquidity.
General and Administrative expenses included $55.8 million in litigation settlements and $2.0 million in political advocacy costs for the nine-month period, with financial occupancy at 96.3% and average monthly rents at $2,777.