SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Essex Property Trust Inc. (ESS) on Tuesday 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 $268.6 million, or $4.03 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $3.99 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 $221.4 million, or $3.44 per share.
The real estate investment trust, based in San Mateo, California, posted revenue of $469.8 million in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $469.2 million.
For the current quarter ending in September, Essex Property Trust expects its per-share funds from operations to range from $3.89 to $3.99.
The company expects full-year funds from operations in the range of $15.80 to $16.02 per share.
_____
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
Copyright © 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
