Essex Property Trust: 2Q Earnings Snapshot
SAN MATEO, Calif. (AP) _ Essex Property Trust Inc. (ESS) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The San Mateo, California-based real estate investment trust said it had funds from operations of $214.6 million, or $3.14 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $3.10 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $100.4 million, or $1.52 per share.
The real estate investment trust posted revenue of $348.7 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $348.6 million.
The company’s shares have declined slightly since the beginning of the year, while the Standard & Poor’s 500 index has increased 5 percent. In the final minutes of trading on Wednesday, shares hit $240.89, a drop of 8.5 percent in the last 12 months.