Essex Property Trust Q2 2026: Core FFO up 1.2%, outlook raised
Essex's quarter splits into two stories: GAAP net income fell 71.8% to $66.9 million, while Core FFO per share — the yardstick REIT investors use — rose 1.2% to $4.08 and beat the guidance midpoint by $0.10. Operations were steady, with same-property revenue up 2.7%, but $55.8 million of legal settlements and a weaker Seattle kept this from being a clean quarter.
1 · Expected vs. Actual
Free preview belowGAAP diluted EPS was $0.97, down 71.8% from $3.44 a year ago, largely because that quarter contained a $126.2 million gain on real estate sales; net income was $66.9 million versus $231.5 million. The $1.4786 consensus estimate is not the same animal as GAAP EPS for a REIT, so treat that gap as noise rather than a genuine miss. The operating metric to watch — Core FFO per share — rose 1.2% to $4.08 from $4.03.
Total revenue came in at $489.0 million, up 4.1% from $469.8 million a year earlier, with same-property revenue up 2.7% on 2.2 points of scheduled rent growth plus 0.6 points of other income. Be careful with the data in this filing: the structured figures tag revenue at $2.3 million while the income statement shows $489.0 million, and the segment lines sum to $486.9 million. Use the press release tables, not the tag, when you look at the top line.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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