Essex Property Trust Reports Q3 2026 Earnings Beat and Raises Full-Year Guidance
Essex Property Trust (ESS) reported third-quarter results that exceeded management guidance, posting a Core FFO of $4.00 per diluted share. The company's performance was bolstered by strong same-property revenue growth of 3.0% and significant rent growth in Northern California, which reached 7.3%. This momentum led the company to raise its full-year Core FFO midpoint expectation to a range of $16.10 to $16.22 per share. Despite positive operational metrics, management noted upcoming headwinds, including rising property tax growth and interest rate resets on joint venture debt expected in 2027. However, the company maintains a strong liquidity position with over $1.7 billion available and has proactively hedged against volatility through $600 million in interest rate swaps at an all-in fixed rate of 4.9%.
Tickers: $ESS
Topics: Acquisition Debt Management Earnings Report FFO Guidance Update Real Estate