Essex said Same-Property Revenues for Q2 2025 were $410.9 million, an increase of $12.7 million or 3.2% from $398.3 million in the prior-year period. The company cited an increase of 2.4% in average rental rates from $2,628 per apartment home to $2,690 per apartment home as the primary factor.

1. 01

   Essex said Same-Property Revenues for Q2 2025 were $410.9 million, an increase of $12.7 million or 3.2% from $398.3 million in the prior-year period. The company cited an increase of 2.4% in average rental rates from $2,628 per apartment home to $2,690 per apartment home as the primary factor.

2. 02

   Essex said interest expense for Q2 2025 increased $6.2 million, a 10.5% increase, to $65.3 million. The company cited the issuance of $400.0 million in senior unsecured notes due 2035 and borrowing of $300.0 million on an unsecured term loan as factors.

3. 03

   Essex reported a gain on sale of real estate and land of $237.2 million for the 6 months ended June 30, 2025, attributable to the dispositions of Highridge and Essex Skyline. The company said interest and other income decreased to $11.1 million from $66.8 million during the same period.

4. 04

   As of June 30, 2025, Essex held unrestricted cash and cash equivalents of $58.7 million and marketable securities of $82.2 million. The company said there was no outstanding balance on its two unsecured lines of credit aggregating $1.28 billion, and in July 2025 it increased the maximum borrowing capacity of its revolving credit facility to $1.5 billion.

Key figures

Quarter ended June 30, 2025

Revenue

$470M

Operating income

$280M

Net income

$232M

EPS

$3.44

Gross profit

$332M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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