Essex Property Trust, Inc. reported significant financial performance for the second quarter of 2025, with total revenues reaching $469.8 million, a 6.3% increase from $442.4 million in the same period last year. The company's net income available to common stockholders was $221.4 million, or $3.44 per share, compared to $92.9 million, or $1.45 per share, in the prior year. For the first half of 2025, revenues totaled $934.4 million, up from $869.3 million in the first half of 2024, while net income increased to $424.5 million from $365.6 million.
The company experienced notable changes in its operational metrics, with Same-Property revenues increasing by 3.3% to $817.9 million for the six months ended June 30, 2025. This growth was primarily driven by a 2.3% rise in average rental rates, which increased from $2,619 to $2,679 per apartment home. Additionally, the company reported a decrease in delinquencies, contributing to the revenue growth. Essex's financial occupancy remained stable at 96.2% for both the second quarter of 2025 and 2024.
Strategically, Essex has expanded its portfolio through several acquisitions, including The Plaza, One Hundred Grand, and ROEN Menlo Park, totaling approximately $586 million in acquisitions during the first half of 2025. The company also recognized a gain of $126.2 million from the sale of Essex Skyline, which contributed to its overall profitability. As of June 30, 2025, Essex owned or had interests in 259 operating apartment communities, comprising 62,842 apartment homes, with a focus on markets in Southern California, Northern California, and the Seattle metropolitan area.
Operationally, the company reported an increase in property operating expenses, which rose by 9.1% to $86.4 million for the second quarter, primarily due to acquisitions and rising utility costs. The total assets of Essex increased to $13.2 billion as of June 30, 2025, compared to $12.9 billion at the end of 2024. The company’s total liabilities also rose to $7.3 billion, reflecting increased borrowing to support its acquisition strategy.
Looking ahead, Essex Property Trust, Inc. remains optimistic about its growth trajectory, supported by its strong financial condition and strategic investments. The company plans to continue leveraging its operational strengths and market insights to optimize its portfolio performance and capitalize on new opportunities in the multifamily housing sector.
About ESSEX PROPERTY TRUST, INC.
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