SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Essex Property Trust Inc. (ESS) on Wednesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The San Mateo, California-based real estate investment trust said it had funds from operations of $271.4 million, or $4.08 per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $4.03 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 $62.5 million, or 97 cents per share.
The real estate investment trust, based in San Mateo, California, posted revenue of $489 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $487.3 million.
For the current quarter ending in September, Essex Property Trust expects its per-share funds from operations to range from $3.93 to $4.05.
The company expects full-year funds from operations in the range of $16.03 to $16.25 per share.
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