Essex Property Trust Reports Q1 2025 Results

Essex Property Trust ( (ESS) ) has released its Q1 earnings. Here is a breakdown of the information Essex Property Trust presented to its investors.

Essex Property Trust, Inc. is a real estate investment trust (REIT) specializing in the acquisition, development, and management of multifamily residential properties across West Coast markets.

In its first quarter of 2025, Essex Property Trust reported a decline in net income per diluted share to $3.16 from $4.25 in the same period last year, primarily due to gains from co-investments and legal settlements recognized in the previous year. However, the company achieved a 3.7% growth in Core Funds from Operations (FFO) per diluted share, surpassing its guidance midpoint by $0.05.

Key financial highlights include a 3.4% increase in same-property revenue and a 3.3% rise in net operating income. The company also expanded its portfolio by acquiring three apartment communities in Northern California for $345.4 million and disposed of an older community in Southern California for $127.0 million. Additionally, Essex issued $400 million in senior unsecured notes and increased its annual dividend by 4.9%.

Looking forward, Essex Property Trust has reaffirmed its full-year guidance for Core FFO, same-property revenue, expenses, and net operating income, indicating a stable outlook for the remainder of 2025.