Essex Property Trust raises core FFO forecast on robust rental growth

Essex Property Trust

29/10/2025 22:05

Oct 29 (Reuters) - Essex Property Trust ESS.N raised its 2025 core funds from operations forecast on Wednesday, betting on strong rental growth.

The multifamily residential property company, which owns a portfolio of about 62,000 apartment units across Washington and California, expects to benefit from higher rents as housing supply remains constrained in its markets.

Same-property revenue in the third quarter rose 2.7%, with San Francisco seeing the highest percentage revenue rise of 5%, compared with a year earlier.

Essex now expects full-year core FFO to range between $15.89 and $15.99 per share from the $15.80 to $16.02 per share it previously forecast, representing an increase of 3 cents per share at the midpoint.

On a same-property basis, the REIT projected 2025 operating expenses to grow in the range of 3% to 3.50% and revenue growth between 3% and 3.30%.

For the quarter ended September 30, Essex reported FFO of $4.03 per share, compared with analysts' estimates of $3.96 per share.

 (Reporting by Aishwarya Jain in Bengaluru; Editing by Anil D'Silva)

 ((Aishwarya.Jain@thomsonreuters.com;))