Quarterly ResultApr 28, 2026, 04:42 PM
ESS Q1 Core FFO $4.06, +2.3%; Same-Property NOI +4.1%
AI Summary
Essex Property Trust, Inc. announced strong first quarter 2026 financial results, with Core FFO per diluted share increasing 2.3% year-over-year to $4.06, surpassing the midpoint of its guidance range. The company achieved robust same-property revenue and NOI growth of 2.9% and 4.1% respectively. ESS also increased its annual dividend for the 32nd consecutive year and repurchased $61.9 million of common stock year-to-date, while reaffirming its full-year Core FFO guidance.
Key Highlights
- Core FFO per diluted share was $4.06, a 2.3% increase compared to Q1 2025, exceeding guidance midpoint by $0.11.
- Same-property Net Operating Income (NOI) grew 4.1% year-over-year, with revenue increasing 2.9%.
- Net Income per diluted share was $1.65, down 47.8% from Q1 2025, primarily due to a gain on sale in the prior year.
- The company repurchased $61.9 million of common stock year-to-date at an average price of $243.76 per share.
- Increased the annual dividend by 0.8% to $10.36 per common share, marking the 32nd consecutive annual increase.
- Reaffirmed full-year Core FFO guidance range of $15.69 - $16.19 per diluted share.
- Reported over $1.7 billion in immediately available liquidity as of March 31, 2026.