The earnings call reflected a balanced sentiment with strong performance in Northern California and strategic capital allocation offset by challenges in Seattle and Southern California, as well as structured finance headwinds.
Company Guidance
During Essex Property Trust's third quarter 2025 earnings call, the company provided updated guidance and highlighted key performance metrics. Essex reported a $0.03 increase in Core FFO per share, exceeding the midpoint of their guidance range. The company raised the full-year Core FFO per share midpoint to $15.94. Year-to-date, blended lease rate growth was 3% overall, with Northern California leading at approximately 4%, Southern California at around 1.2%, and Seattle in the middle at about 2%. Essex anticipates stable growth for 2026, with an earn-in between 80 to 100 basis points. The transaction market showed cap rates generally in the mid-4% range, and Essex continued to execute acquisitions, particularly in Northern California, with about $1 billion in assets acquired. The company also focused on reducing its structured finance portfolio, expecting a 150 basis point headwind to 2026 Core FFO growth due to redemptions. Essex emphasized its strong balance sheet, with a healthy net debt to EBITDA ratio of 5.5x and over $1.5 billion in available liquidity.
Solid Third Quarter Performance
Core FFO per share exceeded the midpoint of guidance by $0.03 due to lower G&A and interest expenses. The midpoint for Core FFO per share was raised to $15.94.
Strong Northern California Market
Northern California was the best-performing region with close to 4% blended lease rate growth, benefiting from AI-related start-ups and positive migration trends.
Strategic Capital Allocation
Almost $1 billion of assets acquired in Northern California since 2024, achieving accretion relative to dispositions and improving the overall portfolio age.
Balance Sheet Strength
Managed debt maturities with a net debt to EBITDA of 5.5x and over $1.5 billion in available liquidity.
Essex Property (ESS) Earnings, Revenues Date & History
The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ESS Earnings-Related Price Changes
Report Date
Price 1 Day Before
Price 1 Day After
Percentage Change
Oct 29, 2025
$247.18
$249.82
+1.07%
Jul 29, 2025
$287.86
$265.87
-7.64%
Apr 29, 2025
$270.05
$273.96
+1.45%
Feb 04, 2025
$279.44
$287.86
+3.01%
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Essex Property (ESS) report earnings?
Essex Property (ESS) is schdueled to report earning on Feb 04, 2026, After Close (Confirmed).
What is Essex Property (ESS) earnings time?
Essex Property (ESS) earnings time is at Feb 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.