Form 10-Q · Quarterly report
Essex Property Trust 10-Q, filed Jul 30, 2026
- Filed
- CIK
- 0000920522
- Accession no.
- 0000920522-26-000022
Summary
Essex Property Trust reported second-quarter 2026 same-property revenue of $446.0 million, up 2.7% from a year earlier, as average rental rates rose 2.2% to $2,743 per apartment home and financial occupancy edged up to 96.3% from 96.2%. General and administrative expense climbed $55.9 million to $73.1 million, primarily because of $36.5 million in legal settlement costs that fully resolve the company's case related to RealPage plus $19.3 million for another litigation matter.
Key points
- Same-property revenue for the six months ended June 30, 2026 rose 2.8% to $888.6 million, with average rental rates up 2.2% to $2,731.
- Northern California same-property revenue grew 4.4% to $181.7 million in the quarter, the fastest of the three regions, versus 1.5% in Southern California and 1.7% in Seattle Metro.
- Non-same-property revenue rose 22.4% to $40.7 million, mainly from 2025 acquisitions including Revere Campbell, The Parc at Pruneyard, ViO and 1250 Lakeside, partly offset by 2025 sales of The Grand and Fourth & U.
- Interest expense rose 2.3% to $66.8 million, reflecting $350.0 million of senior unsecured notes issued in December 2025 and a $300.0 million term loan, partly offset by paying off $450.0 million of notes due April 2026.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
From the filing
Item 2: Management’s Discussion RESULTS OF OPERATIONS Comparison of the Three Months Ended June 30, 2026 to the Three Months Ended June 30, 2025 The average financial occupancy for the Company’s 2026 Same-Property portfolio (stabilized properties consolidated by the Company for the quarters ended June 30, 2026 and 2025) was 96.3% and 96.2% for the three months ended June 30, 2026 and 2025, respectively. Financial occupancy is defined as the percentage resulting from dividing actual rental income by total scheduled rental income. Actual rental income represents contractual rental income pursuant to leases without considering delinquency and concessions. …
An excerpt of the text as filed with the SEC, cut for length.
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