ESS Drops 7.64% on 284.59% Volume Surge Ranks 157th in Trading Activity

Essex Property Trust (ESS) declined 7.64% on July 30, 2025, with a trading volume of $0.73 billion, marking a 284.59% surge from the previous day’s volume. The stock ranked 157th in trading activity among listed equities. The drop followed the company’s Q2 2025 earnings report, which showed core FFO per share of $4.03, exceeding estimates, and total revenues of $469.8 million, up 6.2% year-over-year. Same-property revenues and net operating income grew, but operating expenses rose, tempering gains.

ESS reported same-property revenue growth of 3.2% and a 3.3% increase in net operating income, outperforming expectations. Financial occupancy rates remained stable at 96.2%, though slightly below estimates. The company acquired two apartment communities in Northern California for $240.5 million and sold a Southern California property for $239.6 million. Post-quarter, another Oakland property was sold for $97.5 million. Liquidity stood at $1.5 billion, including $67.9 million in cash, down from $107.9 million at the end of Q1 2025.

The company reiterated 2025 guidance, projecting core FFO per share of $15.80-$16.02, within the Zacks consensus of $15.94. Full-year assumptions include 2.90-3.40% same-property revenue growth and 3.00-3.50% expense increases. ESS carries a Zacks Rank #2 (Buy), reflecting its earnings momentum and operational performance.

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