Q3 25 EPS
$2.56
BEAT +40.66%
Est. $1.82
Q3 25 Revenue
$473.3M
BEAT +0.03%
Est. $473.2M
vs S&P Since Q3 25
+1.6%
BEATING MARKET
ESS +7.6% vs S&P +6.0%
Market Reaction
Did ESS Beat Earnings? Q3 2025 Results
Essex Property Trust delivered a standout third quarter, posting GAAP earnings of $2.56 per diluted share against a consensus estimate of $1.82, a beat of 40.66%, while revenue climbed 5.0% year-over-year to $473.30 million, edging past the $473.17 m… Read more Essex Property Trust delivered a standout third quarter, posting GAAP earnings of $2.56 per diluted share against a consensus estimate of $1.82, a beat of 40.66%, while revenue climbed 5.0% year-over-year to $473.30 million, edging past the $473.17 million estimate. The headline EPS figure was lifted significantly by $62.32 million in gains from property dispositions in Oakland and Berkeley, California, though the underlying operating story was also constructive; Core FFO per diluted share grew 1.5% year-over-year to $3.97, nudging past management's own guidance midpoint on the back of lower G&A and interest expenses. Same-property revenue rose 2.7% year-over-year with financial occupancy holding firm at 96.1%, and the company remained active on capital recycling, acquiring a 234-unit San Jose community for $100.00 million while shedding three assets for $244.70 million. With new multifamily supply across Essex markets projected to fall from roughly 32,600 units in 2025 to 21,400 in 2026, management raised full-year Core FFO guidance to $15.89 to $15.99 per diluted share, making Essex an increasingly compelling name among income-focused real estate investors.
Key Takeaways
- • Same-property revenue growth of 2.7% year-over-year driven by 2.5% average rental rate increase and stable occupancy
- • Renewal net effective rate growth of 4.0%
- • Northern California and Seattle Metro led same-property revenue growth at 3.0% each year-over-year
- • San Francisco same-property revenue growth of 5.0% was highest among individual counties
- • Gains on sale of real estate of $62.3 million boosted GAAP net income
- • Core FFO exceeded guidance midpoint by $0.03 due to lower G&A and interest expense
ESS YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
ESS Revenue by Segment
With YoY comparisons, source: SEC Filings
ESS Revenue by Geography
With YoY comparisons, source: SEC Filings
ESS Earnings Trends
ESS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ESS EPS Trend
Earnings per share: estimate vs actual
ESS Revenue Trend
Quarterly revenue: estimate vs actual
ESS Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | — | — | — | — |
| Q4 25 MISS FY | $1.45 | $1.25 | -13.79% | $479.6M | +1.97% |
| FY Full Year | $5.81 | $10.40 | +79.14% | $1.89B | +0.49% |
| Q3 25 BEAT | $1.82 | $2.56 | +40.66% | $473.3M | +0.03% |
| Q2 25 BEAT | $1.42 | $3.44 | +142.25% | $469.8M | +0.77% |
| Q1 25 BEAT | $1.41 | $3.16 | +124.64% | $464.6M | +1.34% |