Essex Announces Third Quarter 2026 Results and Raises Full-Year 2026 Guidance
Essex Property Trust reported Q3 2026 Core FFO of $4.00 per diluted share, up 0.8% YoY and $0.01 above the guidance midpoint, driven by same-property revenue growth of 3.0%. Northern California led with 5.4% same-property revenue growth (San Francisco +8.0%), while portfolio financial occupancy reached 96.3%. Net income per share fell 40.6% YoY to $1.52, but the decline reflects lapping large 2025 gains on sale rather than operations. The company raised full-year guidance: Core FFO midpoint to $16.16 (+$0.02), net income midpoint +$0.10, and same-property NOI growth midpoint +0.20% to 3.0%.
Key figures
- Eps
- 1.52
- Guidance
- FY2026 Core FFO $16.10-$16.22 (midpoint $16.16, raised +$0.02); Net income $5.62-$5.74 (midpoint raised +$0.10); same-property revenue 2.8%-3.0% (+0.10%); same-property NOI 2.8%-3.2% (+0.20%)
- Liquidity
- $1.7 billion
- Term loan
- $275.0 million at SOFR plus 0.80%
- Core ffo yoy
- 0.8%
- Atm remaining
- $883.5 million
- Core ffo per share
- 4
- Financial occupancy
- 96.3%
- Total ffo per share
- 3.98
- Dispositions pro rata
- $111.9 million
- Same property noi growth
- 3.1%
- Buyback authority remaining
- $500.0 million
- Same property revenue growth
- 3.0%
- Same property revenue growth sequential
- 1.0%
AI analysis
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