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Essex Property Trust: 3Q Earnings Snapshot

·1 min read

SAN MATEO, Calif. (AP) _ Essex Property Trust Inc. (ESS) on Wednesday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.

The San Mateo, California-based real estate investment trust said it had funds from operations of $212.9 million, or $3.15 per share, in the period.

The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $3.16 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 $73.7 million, or $1.13 per share.

The real estate investment trust posted revenue of $370.8 million in the period, which topped Street forecasts. Six analysts surveyed by Zacks expected $368.6 million.

The company's shares have declined 38% since the beginning of the year, while the Standard & Poor's 500 index has increased 1%. In the final minutes of trading on Wednesday, shares hit $186.69, a decline of 42% in the last 12 months.

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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