Essex Property Trust(US:ESS) ZACKSยท2025-10-30 17:45Core Insights - Essex Property Trust Inc. (ESS) reported third-quarter 2025 core funds from operations (FFO) per share of $3.97, exceeding the Zacks Consensus Estimate of $3.96 and reflecting a 1.5% year-over-year improvement [1][8] - The company raised its full-year 2025 guidance for core FFO per share, projecting a range of $15.89-$15.99, up from the previous range of $15.80-$16.02 [9] Financial Performance - Total revenues for the third quarter were $473.3 million, a 5% increase year-over-year, but slightly below the Zacks Consensus Estimate of $475.5 million [2] - Same-property revenues increased by 2.7% year-over-year, while same-property operating expenses rose by 3.5% [3] - Same-property net operating income (NOI) grew by 2.4% year-over-year, which was below the estimated growth of 2.6% [3] Interest and Operating Expenses - Interest expenses increased by 8.4% year-over-year to $63.3 million, close to the estimate of $63.7 million [4] - Financial occupancy rates were reported at 96.1%, down 10 basis points year-over-year and below the estimated 96.4% [3] Portfolio Activity - During the third quarter, ESS acquired a 234-unit apartment community in San Jose, CA, for $100 million and disposed of three apartment communities for a total contract price of $244.7 million [5] Balance Sheet Position - As of September 30, 2025, ESS had $1.5 billion in liquidity, including cash, cash equivalents, and marketable securities [6] - Cash and cash equivalents, including restricted cash, increased to $75.2 million from $67.9 million at the end of the previous quarter [6] Future Guidance - For the fourth quarter of 2025, ESS projects core FFO per share in the range of $3.93-$4.03, with the Zacks Consensus Estimate at $4.01 [7] - The full-year guidance is based on projections for same-property revenue growth of 3.00-3.30%, operating expense increase of 3.00-3.50%, and NOI expansion of 2.80-3.40% [9]