Essex Property Trust (ESS) raises 2022 guidance.

Essex Property Trust, Inc. (ESS) has updated its outlook for 2022 revenue growth and earnings guidance.  Based on stronger rent growth and lower net delinquencies, ESS now expects to achieve same property NOI growth of 12.1%, up 1.4% versus the prior midpoint of 10.7%.  Core FFO is now estimated at $14.16/share, up $0.21/share from the prior midpoint.

Established in 1971, Essex Property specializes in the acquisition, management and development of upscale apartment communities in California and the State of Washington. As of March 31, 2022, the company's portfolio included 255 properties with 62,661 apartment units centered in Seattle (17% of NOI), metro San Francisco (41%) and Los Angeles/Orange County (42%). ESS has a total market capitalization of approximately $29 billion and is a member of the S&P 500.