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 beat Wall Street expectations.
The San Mateo, California-based real estate investment trust said it had funds from operations of $264.5 million, or $3.97 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $3.92 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 $203.1 million, or $3.16 per share.
The real estate investment trust, based in San Mateo, California, posted revenue of $464.6 million in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $459.8 million.
For the current quarter ending in June, Essex Property Trust expects its per-share funds from operations to range from $3.90 to $4.02.
The company expects full-year funds from operations in the range of $15.56 to $16.06 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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