Essex Property Trust Reports Strong Q4 2025 Results

Resilient West Coast rental fundamentals and recovery in Northern California drive performance.

Published on Feb. 6, 2026

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Essex Property Trust (NYSE:ESS) executives reported that the company's 2025 results came in at or above expectations, supported by resilient West Coast rental fundamentals and a continued recovery in Northern California. On the Q4 2025 earnings call, President and CEO Angela Kleiman highlighted execution in 'other income' initiatives and delinquency recovery, which management said improved to near pre-COVID levels.

Why it matters

Essex's strong performance in 2025, particularly in its key West Coast markets, signals continued recovery in the multifamily real estate sector. The company's outlook for 2026 provides insights into broader trends in rental demand, supply, and operating costs that could impact the broader multifamily industry.

The details

Within the portfolio, management pointed to Los Angeles as showing notable sequential improvement, with occupancy increasing 70 basis points quarter-over-quarter. Northern California was Essex's best-performing region during the quarter, followed by Seattle and Southern California. CFO Barb Pak said Essex achieved 3.3% same property revenue growth in 2025, 30 basis points ahead of the company's original projections. For 2026, Essex is forecasting same-property revenue growth of 2.4% at the midpoint, with 2.1% same-property NOI growth.

  • Essex Property Trust reported Q4 2025 earnings on February 6, 2026.
  • The company is forecasting 2026 results, including same-property revenue growth of 2.4% at the midpoint.

The players

Angela Kleiman

President and CEO of Essex Property Trust.

Barb Pak

CFO of Essex Property Trust.

Rylan Burns

EVP of Essex Property Trust.

Essex Property Trust, Inc.

A publicly traded real estate investment trust that acquires, develops, owns and operates multifamily residential properties, with a focus on West Coast markets.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

Essex's strong 2025 performance and cautiously optimistic 2026 outlook highlight the resilience of the West Coast multifamily market, with Northern California and Seattle leading the recovery. The company's disciplined approach to capital allocation and focus on operational excellence position it well to navigate the evolving market conditions.