July 29 (Reuters) - Essex Property Trust ( ESS ) raised

its annual core funds from operations (FFO) forecast on Tuesday,

boosted by stronger rental income and lower property tax trends,

particularly in Washington state.

The multifamily residential property company, which owns a

portfolio of about 62,000 apartment units across Washington and

California, continues to benefit from steady rental demand in

its core markets.

High home prices and strong tech-sector employment in these

regions make renting a more affordable option.

The company raised its 2025 core FFO per share forecast to a

range of $15.80 to $16.02, compared with its earlier projection

of $15.56 to $16.06.

It also lifted its full-year net income per share forecast

to a range of $10.05 to $10.29, up from its prior estimate of

$9.27 to $9.57. Analysts, on average, expect $7.56 per share.

On a same-property basis, Essex projected operating expenses

for 2025 to grow between 3.00% and 3.50%, with revenue growth

expected in the range of 2.90% to 3.40%.

For the second quarter ended June 30, Essex reported core

FFO of $4.03 per share, compared with analysts' estimates of

$3.99 per share.