Overview

• Essex Q3 net income per share rises 39.1%, beating analyst expectations

• Core FFO per share for Q3 exceeds guidance midpoint by $0.03

• Company raises full-year 2025 net income and Core FFO guidance

Outlook

• Essex raises full-year Net Income guidance to $10.53-$10.63 per share

• Company increases full-year Core FFO guidance to $15.89-$15.99 per share

• Essex reaffirms full-year guidance for same-property revenue and NOI growth

Result Drivers

• REAL ESTATE SALES - Gains from the sale of real estate drove significant increase in net income

• SAME-PROPERTY REVENUE - Achieved same-property revenue growth of 2.7% compared to Q3 2024, with contributions from Southern and Northern California

• INVESTMENT ACTIVITY - Acquired one apartment community for $100 mln and committed $21.3 mln to preferred equity investment yielding 13.5% return

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 17 "hold" and 2 "sell" or "strong sell"

• The average consensus recommendation for the residential reits peer group is "buy."

• Wall Street's median 12-month price target for Essex Property Trust Inc is $291.00, about 12% above its October 28 closing price of $256.15

• The stock recently traded at 38 times the next 12-month earnings vs. a P/E of 43 three months ago

Press Release: ID:nBw9yCYzra

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)