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Essex Property Trust (ESS) investor relations material
Essex Property Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved full-year same-store revenue growth at the high end and FFO per share growth above the midpoint of guidance for 2025, driven by strong property operations and improved delinquency recovery near pre-COVID levels.
Net income per diluted share for Q4 2025 was $1.25, down from $4.00 in Q4 2024; full-year 2025 net income per diluted share was $10.40, compared to $11.54 in 2024, mainly due to prior year gains on asset sales and remeasurement of co-investments.
Core FFO per diluted share grew 1.5% year-over-year for Q4 and 2.2% for the full year, surpassing original guidance midpoint, driven by strong same-property revenue growth.
Northern California outperformed due to tech sector expansion, favorable migration, and limited new supply; rent growth in most markets exceeded the U.S. average.
Los Angeles showed the best sequential occupancy improvement, nearing stabilization, while San Francisco continued its recovery, now 9% above pre-COVID levels.
Financial highlights
Same-property revenue and NOI grew 3.8% year-over-year in Q4 2025; full-year growth was 3.3% and 3.2%, respectively, both above guidance midpoint.
Blended lease rate growth in Q4 was 1.9%; occupancy increased 20 bps sequentially to 96.3%.
Issued $350 million of 10-year senior unsecured notes at 4.875% interest in Q4 2025.
Total market capitalization as of 12/31/2025 was $24.3 billion, with equity comprising 72% and debt 28%.
Liquidity at year-end 2025 exceeded $1.7 billion, including $1.575 billion in available unsecured commitments and $191 million in cash and equivalents.
Outlook and guidance
2026 full-year guidance midpoint: net income per diluted share $5.80, total FFO $15.79, core FFO $15.94; same-property revenue and NOI growth expected at 2.5% and 2.1% (midpoint, cash basis).
2026 guidance assumes steady demand, with new housing supply forecasted to decline by 20% year-over-year.
Blended lease rate growth expected at 2.5% for 2026; new leases flat to 2%, renewals 3-4%.
Same property expense growth forecasted at 3%, lowest in several years, with insurance costs down 5% year-over-year.
Guidance assumes $175M in structured finance maturities and $80M in development funding; no new developments planned.
- TimeTickerHeadlineOpen
- 6 FebISCTR
Net profit hit TL 67.4 billion in 2025, with strong NIM, fee growth, and solid 2026 outlook. - 6 FebSCW
73% revenue growth and record backlog driven by new space contracts and strategic investments. - 6 FebCDP
2025 FFO/share rose 5.8% with strong leasing and retention; 2026 guidance signals further growth. - 6 FebSCW
Revenue at 15.86 mln PLN, backlog 17.14 mln PLN, and major space contracts drive 2025 outlook. - 6 FebPENG
All proposals passed, with no questions raised during the Q&A session. - 6 FebSCW
Q2 2024 revenue up 115% y/y, backlog nearly doubled, Space segment leads growth. - 6 FebPECO
2026 FFO per share growth guided at 5.5% with record occupancy and strong acquisitions. - 6 FebSCW
Q2 2025 revenue surged 120% y/y, driven by a record Asian contract and a tripled backlog. - 6 FebSCW
Q1 2025 revenue jumped 97% year-over-year, with strong backlog and major new contracts secured. - 6 FebSCW
Q3 revenue up 39% y/y, backlog at 58.3 mln PLN, Space leads growth with global contracts.
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