Essex Q3 2026: Core FFO up 0.8%, full-year guidance raised
Essex delivered a modest beat and a modest raise: Core FFO per share of $4.00 topped the midpoint of its own range by $0.01, and full-year guidance moved up. Revenue of $492.69 million rose 4.1%. The scary-looking GAAP drop to $1.52 from $2.56 is last year's asset-sale gain, not an operating problem. Read the quarter through Core FFO and 3.1% same-property NOI growth.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $1.52 beat the $1.48 consensus estimate but was down 40.6% from $2.56, because the year-ago quarter carried $62.32 million of gains on real estate sales. Core FFO per diluted share of $4.00 rose 0.8% and cleared the guidance midpoint by $0.01, which is the number REIT investors should anchor on. The gap between $1.52 GAAP and $4.00 Core FFO is mostly $152.55 million of depreciation.
Revenue came in at $492.69 million, up 4.1% from $473.30 million a year earlier, with same-property rents supplying $449.90 million of that. Ignore the $2.34 million revenue figure in the raw data feed — it is a parsing artifact, and the income statement, the segment table and the feed's own flag all point to roughly $490 million of rental revenue. Growth is lopsided: Northern California rose 5.4% while Seattle managed 1.3%.
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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 2026-11-03
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