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 topped Wall Street expectations.
The San Mateo, California-based real estate investment trust said it had funds from operations of $226.9 million, or $3.33 per share, in the period.
The average estimate of 14 analysts surveyed by Zacks Investment Research was for funds from operations of $3.26 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 $92.3 million, or $1.40 per share.
The real estate investment trust posted revenue of $361.6 million in the period, also exceeding Street forecasts. Eleven analysts surveyed by Zacks expected $358.1 million.
For the current quarter ending in October, Essex Property Trust expects its per-share funds from operations to range from $3.26 to $3.36.
The company expects full-year funds from operations in the range of $13.19 to $13.37 per share.
The company’s shares have increased 20% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. In the final minutes of trading on Wednesday, shares hit $293.74, a rise of 28% in the last 12 months.