Form 10-Q · Quarterly report
Essex Property Trust 10-Q, filed Oct 28, 2026
- Filed
- CIK
- 0000920522
- Accession no.
- 0000920522-26-000030
Summary
Essex Property Trust reported third-quarter 2026 rental and other property revenues of $490.3 million, up 4.1% from a year earlier, as same-property revenues rose 3.0% and average financial occupancy was 96.3%. The company also recorded a $10.7 million impairment from the disposition of Marina City Club and a $6.8 million gain on the sale of Collins on Pine.
Key points
- Same-property revenues increased 3.0% to $449.9 million for the third quarter of 2026, driven by a 2.5% rise in average rental rates to $2,777 per apartment home.
- Average financial occupancy for the 2026 same-property portfolio was 96.3%, compared with 96.0% a year earlier; Northern California was 96.5%, Southern California 96.1%, and Seattle Metro 96.1%.
- Non-same-property revenues rose 18.2% to $40.5 million, primarily due to acquisitions of ViO and 1250 Lakeside and the consolidation of Skylux on Wilshire, partially offset by dispositions.
- General and administrative expense decreased 8.3% to $16.6 million, partly because the company resolved its case related to RealPage and another litigation matter in the second quarter of 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 September 30, 2026 to the Three Months Ended September 30, 2025 The average financial occupancy for the Company’s 2026 Same-Property portfolio (stabilized properties consolidated by the Company for the quarters ended September 30, 2026 and 2025) was 96.3% and 96.0% for the three months ended September 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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