Essex Property Trust (ESS) official guidance
Essex Property Trust (ESS) official earnings guidance and management outlook. Each figure management stated is shown with its revisions and the source quote.
See the full Filings Intelligence suiteESSESSEX PROPERTY TRUST, INC.FY2026 · ends 2026-12-31
1 metric1 raisedearnings call · 1d
2026-10-28 18:52:08 UTC2.9%raised +16.0%2.9% vs FY2025
As such, we are now anticipating full year blended rent growth of around 2.9% close to the high end of our guidance range.
ESS · transcript · Q3 FY2026
2026-10-28 18:51:00 UTCOpen source
2026-04-30 04:01:12 UTC2.5%maintained2.5% vs FY2025
We're on plan as it relates to our guidance. If you look at, you know, first quarter coming in at 1.4% and April is already north of 3%, it's, you know, we don't anticipate challenges to hitting that 2.5% for the year.
ESS · transcript · Q1 FY2026
2026-04-30 04:00:00 UTCOpen source
2026-02-06 05:01:31 UTC2.5%2.5% vs FY2025
Second, our guidance assumes blended lease rate growth of 2.5% at the midpoint.
ESS · transcript · Q4 FY2025
2026-02-06 05:00:00 UTCOpen source
2025-10-31 04:01:44 UTC80 bps – 100 bpsnew80 bps – 100 bps vs FY2025
As such, we anticipate another year of stable growth, with 2026 earning between 80-100 basis points.
ESS · transcript · Q3 FY2025
2025-10-31 04:00:00 UTCOpen source
ESSESSEX PROPERTY TRUST, INC.Q4 FY2026 · ends 2026-12-31
1 metric1 newearnings call · 1d
2026-10-28 18:52:08 UTC5%new5% vs Q4 FY2025
So that is what is really driving the Q4 expense increase of about 5% on a year over year basis. it is really driven by that controllable side, which has been light year to date.
ESS · transcript · Q3 FY2026
2026-10-28 18:51:00 UTCOpen source
ESSESSEX PROPERTY TRUST, INC.FY2027 · ends 2027-12-31
1 metric1 newearnings call · 1d
2026-10-28 18:52:08 UTC40%new
Total housing deliveries are expected to remain at a historical low of approximately 40 basis points of total housing stock, positioning our markets comfortably to generate rent growth within a modest job growth environment.
ESS · transcript · Q3 FY2026
2026-10-28 18:51:00 UTCOpen source
ESSESSEX PROPERTY TRUST, INC.FY2026 · ends 2026-12-31
1 metric1 raisedearnings call · 1d
2026-10-28 18:52:08 UTC3%raised +7.1%3% vs FY2025
Taken together, we are raising the midpoint of same property NOI growth by 20 basis points to 3%, representing sector leading growth as we conclude 2026.
ESS · transcript · Q3 FY2026
2026-10-28 18:51:00 UTCOpen source
2026-07-31 04:01:35 UTC2.8%maintained2.8% vs FY2025
As it relates to our same-property portfolio, we are raising the midpoint of NOI growth by 70 basis points to 2.8%.
ESS · transcript · Q2 FY2026
2026-07-31 04:00:00 UTCOpen source
2026-07-29 20:36:05 UTC2.3% – 3.3%raised +33.3%2.3% – 3.3% vs FY2025
| Same-Property NOI | 2.3% to 3.3% | 2.8% | +0.70% |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC0.8% – 3.4%maintained0.8% – 3.4% vs FY2025
| Net Operating Income | 0.80% to 3.40% | 0.80% to 3.40% | 2.10% | - |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-06 05:01:31 UTC2.1%maintained2.1% vs FY2025
As a result, same-property NOI growth is forecasted to increase 2.1% at the midpoint.
ESS · transcript · Q4 FY2025
2026-02-06 05:00:00 UTCOpen source
2026-02-04 21:45:33 UTC0.8% – 3.4%new0.8% – 3.4% vs FY2025
Net Operating Income | 0.80% to 3.40% | 2.10%
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source
ESSESSEX PROPERTY TRUST, INC.FY2027 · ends 2027-12-31
1 metric1 newearnings call · 1d
2026-10-28 18:52:08 UTC3% – 4%new3% – 4% vs FY2026
I would assume that is gonna be more in line with our historical average of 3% to 4% next year.
ESS · transcript · Q3 FY2026
2026-10-28 18:51:00 UTCOpen source
ESSESSEX PROPERTY TRUST, INC.Q4 FY2026 · ends 2026-12-31
1 metric1 newearnings call · 1d
2026-10-28 18:52:08 UTCmid-4% rangenew4% – 6% vs Q4 FY2025
The renewals are going out. In the mid-4% range, in the fourth quarter and so it is unplanned and it is actually a little bit stronger than what we had originally hoped.
ESS · transcript · Q3 FY2026
2026-10-28 18:51:00 UTCOpen source
ESSESSEX PROPERTY TRUST, INC.FY2026 · ends 2026-12-31
1 metric1 raisedearnings call · 1d
2026-10-28 18:52:08 UTC2.9%raised +3.6%2.9% vs FY2025
Turning to our full year outlook. Revenues continue to exceed expectations and as such, we are raising the midpoint of same property revenue growth by 10 basis points to 2.9%.
ESS · transcript · Q3 FY2026
2026-10-28 18:51:00 UTCOpen source
2026-07-29 20:36:05 UTC2.5% – 3.1%raised +16.7%2.5% – 3.1% vs FY2025
| Same-Property Revenues | 2.5% to 3.1% | 2.8% | +0.40% |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC1.7% – 3.1%maintained1.7% – 3.1% vs FY2025
| Revenues | 1.70% to 3.10% | 1.70% to 3.10% | 2.40% | - |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-06 05:01:31 UTC2.4%maintained2.4% vs FY2025
The components of our full-year same property revenue midpoint of 2.4% is outlined on the chart on page S-16.1 of the supplemental.
ESS · transcript · Q4 FY2025
2026-02-06 05:00:00 UTCOpen source
2026-02-04 21:45:33 UTC1.7% – 3.1%new1.7% – 3.1% vs FY2025
Revenue | 1.70% to 3.10% | 2.40%
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source
ESSESSEX PROPERTY TRUST, INC.H4 FY2026 · ends 2026-12-31
1 metric1 newearnings call · 2026-07-31 04:01:35 UTC
2026-07-31 04:01:35 UTCfirst half and second half are quite similarnew
Last year, we had a very strong first half and then a pretty significant drop in the second half. We're definitely not seeing that so far this year, and we are assuming that this year, first half and second half are quite similar.
ESS · transcript · Q2 FY2026
2026-07-31 04:00:00 UTCOpen source
ESSESSEX PROPERTY TRUST, INC.Q3 FY2026 · ends 2026-09-30
2 metrics1 new1 maintainedearnings call · 2026-07-31 04:01:35 UTC
2026-07-31 04:01:35 UTC$3.99maintained
As for our third quarter Core FFO guidance, we are forecasting $3.99 per share at the midpoint.
ESS · transcript · Q2 FY2026
2026-07-31 04:00:00 UTCOpen source
2026-07-29 20:36:05 UTC$3.93 – $4.05new
| Q3 2026 Core FFO | N/A | $3.93 - $4.05 | $3.99 | N/A |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-07-31 04:01:35 UTClow fivesnew5% – 5.5% vs Q3 FY2025
August, September, we're sending renewals out in the high fives. We expect negotiation probably around, say, 50 basis points. We'll land in that low fives range.
ESS · transcript · Q2 FY2026
2026-07-31 04:00:00 UTCOpen source
ESSESSEX PROPERTY TRUST, INC.FY2026 · ends 2026-12-31
10 metrics4 raised3 lowered2 new1 maintainedearnings release · 2026-07-29 20:36:05 UTC
2026-07-29 20:36:05 UTC$6.4M – $7Mmaintained
| Interest capitalized | | 2,848 | | | 6,400 | | | 7,000 | | |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC$6.2M – $7.2Mmaintained
| Interest capitalized | | 1,339 | | | 6,200 | | | 7,200 | |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-04 21:45:33 UTC$6.2M – $7.2Mnew
Interest capitalized | | 3,659 | | $ | 6,200 | | $ | 7,200
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source
2026-07-29 20:36:05 UTC$1.1B – $1.1Braised +1.1%
| Core Funds from Operations (excludes non-core items) | $ | 542,288 | | $ | 1,066,100 | | $ | 1,081,100 | | |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC$1B – $1.1Blowered -0.2%
| Core Funds from Operations (excludes non-core items) | $ | 270,861 | | $ | 1,044,700 | | $ | 1,078,100 | | |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-04 21:45:33 UTC$1B – $1.1Bnew
Core Funds from Operations (excludes non-core items) | $ | 1,062,740 | | $ | 1,047,300 | | $ | 1,080,700
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source
2026-07-29 20:36:05 UTC0.6% – 1.9%new0.6% – 1.9% vs FY2025
| % Change - Core Funds from Operations | | 1.9 | % | | 0.6 | % | | 1.9 | % |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-07-29 20:36:05 UTC$16.03 – $16.25raised +1.3%
| Core Funds from Operations per diluted Share | $ | 8.15 | | $ | 16.03 | | $ | 16.25 | | |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC$15.69 – $16.19maintained
| Core FFO | $15.69 - $16.19 | $15.69 - $16.19 | $15.94 | - |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-04 21:45:33 UTC$15.69 – $16.19new
Core Funds from Operations per diluted Share | $ | 15.94 | | $ | 15.69 | | $ | 16.19
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source
2026-07-29 20:36:05 UTC$53M – $54Mraised +0.2%
| Corporate-level property management expenses | | (26,830 | ) | | (53,000 | ) | | (54,000 | ) | |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC$52.8M – $54Mmaintained
| Corporate-level property management expenses | | (13,398 | | | (52,800 | | | (54,000 | | |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-04 21:45:33 UTC$52.8M – $54Mnew
Corporate-level property management expenses | | (49,052 | ) | $ | (52,800 | ) | $ | (54,000 | )
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source
2026-07-29 20:36:05 UTC66.5Mlowered -0.1%
| Weighted average shares outstanding - FFO calculation | | 66,575 | | | 66,525 | | | 66,525 | | Reflects YTD share repurchases |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC66.6Mlowered -0.2%
| Weighted average shares outstanding - FFO calculation | | 66,689 | | | 66,600 | | | 66,600 | | Reflects YTD share repurchases |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-04 21:45:33 UTC66.8Mnew
Weighted average shares outstanding - FFO calculation | | 66,670 | | 66,750 | | 66,750
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source
2026-07-29 20:36:05 UTC$5.47 – $5.69lowered -4.9%-47.5% – -45.3% vs FY2025
| EPS - Diluted | $ | 2.62 | | $ | 5.47 | | $ | 5.69 | | |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC$5.62 – $6.12raised +1.2%-46% – -41.2% vs FY2025
| Net Income | $5.55 - $6.05 | $5.62 - $6.12 | $5.87 | +$ 0.07 |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-04 21:45:33 UTC$5.55 – $6.05new
EPS - Diluted | $ | 10.40 | | $ | 5.55 | | $ | 6.05
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source
2026-07-29 20:36:05 UTC$68.5M – $70.1Mraised +3.0%
| FFO from co-investments | | 38,194 | | | 68,500 | | | 70,100 | | Updated to reflect year-to-date investment and redemption activity |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC$65.8M – $68.8Mlowered -1.6%
| FFO from co-investments | | 19,895 | | | 65,800 | | | 68,800 | | Updated to reflect expectations of two early preferred equity redemptions |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-04 21:45:33 UTC$66.9M – $69.9Mnew
FFO from co-investments | | 93,257 | | $ | 66,900 | | $ | 69,900 | | Reflects lower preferred equity income due to 2025 redemptions (~$190M) and 2026 expectations
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source
2026-07-29 20:36:05 UTC-3.8% – -2.4%new-3.8% – -2.4% vs FY2025
| % Change - Funds from Operations | | -6.4 | % | | -3.8 | % | | -2.4 | % |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-07-29 20:36:05 UTC$15.37 – $15.59lowered -3.0%
| Funds from Operations per diluted Share | $ | 7.49 | | $ | 15.37 | | $ | 15.59 | | |
ESS · EX-99.1 · Q2 FY2026
2026-07-29 20:34:25 UTCOpen source
2026-04-28 20:37:25 UTC$15.71 – $16.21raised +1.1%
| Total FFO | $15.54 - $16.04 | $15.71 - $16.21 | $15.96 | +$ 0.17 |
ESS · EX-99.1 · Q1 FY2026
2026-04-28 20:35:42 UTCOpen source
2026-02-04 21:45:33 UTC$15.54 – $16.04new
Funds from Operations per diluted Share | $ | 15.98 | | $ | 15.54 | | $ | 16.04
ESS · EX-99.1 · Q4 FY2025
2026-02-04 21:43:35 UTCOpen source