Essex Property Trust, Inc. (ESS) on Wednesday reported higher second-quarter Core funds from operations, while net income declined due to the absence of a prior-year gain on property sales. The REIT raised its full-year 2026 Core FFO guidance.
Second-quarter net income available to common stockholders declined to $62.5 million or $0.97 per share from $221.4 million or $3.44 per share a year earlier. The decline primarily reflected a gain on the sale of real estate and land recorded in the prior-year period.
Core FFO per share increased to $4.08 from $4.03, while total FFO per share decreased to $3.32 from $4.03.
For full-year 2026, Essex raised its Core FFO guidance to a range of $16.03 to $16.25 per share from $15.69 to $16.19 previously. The company lowered its net income outlook to $5.47-$5.69 per share from $5.62-$6.12 and reduced total FFO guidance to $15.37-$15.59 per share from $15.71-$16.21.
The company expects third-quarter Core FFO of $3.93 to $4.05 per share.
For comments and feedback contact: editorial@rttnews.com
Business News
September 11, 2026 16:26 ET Consumer prices data was the main news on the economic front in the U.S. this week. In Europe, the latest interest rate decision from the European Central Bank was the focus along with the revised second quarter economic growth data for the euro area. In Asia, the monthly foreign trade data from China drew attention.