SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Essex Property Trust Inc. (ESS) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The San Mateo, California-based real estate investment trust said it had funds from operations of $254.7 million, or $3.83 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $3.74 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 $272.7 million, or $4.25 per share.
The real estate investment trust, based in San Mateo, California, posted revenue of $426.9 million in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $422.4 million.
Essex Property Trust expects full-year funds from operations in the range of $15.03 to $15.43 per share.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ESS at https://www.zacks.com/ap/ESS
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