Essex Property Trust's second quarter Core FFO beats estimates, prompting a raised full-year 2026 outlook.

Essex Property Trust reported second quarter 2026 total revenue of $489.0 million and Core Funds from Operations (FFO) of $4.08 per share, beating consensus estimates of $484.7 million and $4.02 per share, respectively.

Key Highlights

• Core FFO per diluted share grew 1.2% year-over-year to $4.08, exceeding the company's guidance midpoint by $0.10.
• Same-property revenue and Net Operating Income (NOI) increased by 2.7% and 2.6% respectively compared to the second quarter of 2025.
• The company raised its full-year 2026 guidance for Core FFO to a new midpoint of $16.14 per share, an increase of $0.20 from prior guidance.