WASHINGTON (dpa-AFX) - 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.
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