Essex Property Trust, Inc. has released its first quarter 2025 earnings results and related business activities. The company reported net income per diluted share for the first quarter of 2025 as $3.16, compared to $4.25 in the first quarter of 2024, indicating a 25.6% decrease. Total FFO for the same period was $3.97 per diluted share, a 13.7% decrease from the first quarter of 2024. However, core FFO per diluted share for the first quarter of 2025 increased by 3.7% compared to the same period in 2024.
The company highlighted achieving same-property revenue and net operating income (NOI) growth of 3.4% and 3.3%, respectively, compared to the first quarter of 2024. On a sequential basis, same-property revenues and NOI improved by 1.6% and 0.9%, respectively.
Essex Property Trust also made significant acquisitions and dispositions during the quarter, including the acquisition of three apartment home communities in Northern California for a total contract price of $345.4 million and the disposition of a 53-year-old apartment home community in Southern California for a contract price of $127.0 million.
Additionally, the company increased its dividend by 4.9% to an annual distribution of $10.28 per common share, and reaffirmed full-year guidance ranges for core FFO per diluted share, same-property revenues, expenses, and NOI.
The press release also detailed the same-property revenue results by county, showcasing revenue changes in different regions. For example, in Southern California, the total same-property revenue growth was 3.8%, while in Northern California, it was 3.6%. The company also provided details on same-property revenue components and financial occupancies.
Essex Property Trust's investment activities included acquisitions, dispositions, and other investments, such as assuming full managerial control of a 241-unit apartment home community in Oakland, CA. Furthermore, development activity included the commencement of construction on a 543-unit apartment home community in South San Francisco, CA.
In terms of the balance sheet and liquidity, the company issued $400.0 million of 10-year senior unsecured notes due in April 2035, and had approximately $1.4 billion in liquidity as of March 31, 2025.
The press release also included guidance for the first quarter of 2025, full-year guidance and key assumptions, and investment assumptions.
Essex Property Trust, Inc. is a fully integrated real estate investment trust that acquires, develops, redevelops, and manages multifamily residential properties in selected West Coast markets. The market has reacted to these announcements by moving the company's shares -0.9% to a price of $275.16. If you want to know more, read the company's complete 8-K report here.
