Essex Property Trust Q2 2025 Earnings and Guidance Update

Essex Property Trust, Inc. (NYSE: ESS) reported its second quarter 2025 financial results, highlighting a significant increase in net income per diluted share to $3.44, up from $1.45 in the same period last year, primarily driven by a gain on the sale of real estate. Core FFO per diluted share grew by 2.3% to $4.03, exceeding the midpoint of the company's guidance range by $0.07, due to higher same-property revenue growth and favorable property taxes in Washington. The company achieved same-property revenue and NOI growth of 3.2% and 3.3%, respectively, compared to the second quarter of 2024. Essex also raised its full-year 2025 guidance, with Core FFO per diluted share now expected to be between $15.80 and $16.02, up from the previous range of $15.56 to $16.06. The company acquired two apartment communities in Northern California for $240.5 million and sold one in Southern California for $239.6 million. Additionally, Essex formed a new joint venture, Wesco VII LLC, with the State of Wisconsin Investment Board, committing $50 million each to fund new structured finance investments.