Overview

* Essex Q3 net income per share rises 39.1%, beating analyst expectations

* Core FFO per share for Q3 exceeds guidance midpoint by $0.03

* Company raises full-year 2025 net income and Core FFO guidance

Outlook

* Essex raises full-year Net Income guidance to $10.53-$10.63 per share

* Company increases full-year Core FFO guidance to $15.89-$15.99 per share

* Essex reaffirms full-year guidance for same-property revenue and NOI growth

Result Drivers

* REAL ESTATE SALES - Gains from the sale of real estate drove significant increase in net income

* SAME-PROPERTY REVENUE - Achieved same-property revenue growth of 2.7% compared to Q3 2024, with contributions from Southern and Northern California

* INVESTMENT ACTIVITY - Acquired one apartment community for $100 mln and committed $21.3 mln to preferred equity investment yielding 13.5% return

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 EPS Beat $2.56 $1.46 (7

Analysts

)

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 17 "hold" and 2 "sell" or "strong sell"

* The average consensus recommendation for the residential reits peer group is "buy."

* Wall Street's median 12-month price target for Essex Property Trust Inc ( ESS ) is $291.00, about 12% above its October 28 closing price of $256.15

* The stock recently traded at 38 times the next 12-month earnings vs. a P/E of 43 three months ago

Press Release:

For questions concerning the data in this report, contact [email protected]. For any other questions or feedback, contact .

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)