Short answer
Essex Property Trust (ESS) filed its Q3 2025 10-Q quarterly report on Oct 30, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $2M (down 7.9% year over year) with net income of $165M.
Q3 2025 key financials · XBRL
- Revenue
- $2M
- −7.9% YoY · +6.2% QoQ
- Net income
- $165M
- +39.0% YoY · −25.6% QoQ
- Operating margin
- 8911.4%
- Gross margin
- 13871.5%
- EPS (diluted)
- $2.56
- +38.4% YoY · −25.4% QoQ
Source: XBRL data from the Essex Property Trust (ESS) Q3 2025 10-Q on SEC EDGAR. USD.
Essex Property Trust Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $471.0M Q3 2025, up 5.1% YoY ($448.1M Q3 2024); Same-Property up 2.7% to $412.7M
- Property operating expenses +6.5% to $91.4M Q3; same-property operating expenses +5.3% to $82.1M Q3
- Operating income not explicitly stated; NOI $327.5M Q3 2025 vs $313.3M Q3 2024; Same-Property NOI $285.9M vs $279.3M Q3
- Best segment: Northern California Same-Property revenues +3.0% YoY, $167.0M Q3; Worst segment: Southern California slight occupancy decline, +2.4% revenue growth
- Interest expense up 9.3% to $64.7M Q3 2025; gain on sale $62.3M from dispositions in Q3 2025 vs none in Q3 2024
- Cash & equivalents $66M plus $84.1M marketable securities at Q3; no outstanding balance on $1.5B unsecured line, new $300M term loan in 2025, $750M commercial paper program established
- FFO per share $4.03 Q3 2025 vs $3.81 Q3 2024; Core FFO per share $3.97 vs $3.91
- Management sees stable financial occupancy ~96.1%, notes inflationary pressures on utilities/personnel expenses; no change to dividend policy; monitors economic, geopolitical risks that may affect leasing and costs
Risk Factors
- No new or changed risk factors since 2024 10-K
- Regulatory risk: compliance with evolving SEC disclosure requirements remains critical
- Operational risk: dependence on rental market conditions influences near-term occupancy rates
- Market risk: competitive apartment leasing environment may pressure rental growth
- Financial risk: maintaining liquidity to manage debt maturities and capital expenditures
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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