SAN MATEO, Calif. (AP) _ Essex Property Trust Inc. (ESS) on Wednesday reported a key measure of profitability in its third quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in San Mateo, California, said it had funds from operations of $228.8 million, or $3.35 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $3.36 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 $99.3 million, or $1.51 per share.
The real estate investment trust posted revenue of $366.9 million in the period, which topped Street forecasts. Eleven analysts surveyed by Zacks expected $365.5 million.
For the current quarter ending in December, Essex Property Trust expects its per-share funds from operations to range from $3.36 to $3.46.
The company expects full-year funds from operations in the range of $13.28 to $13.38 per share.
The company's shares have increased 34% since the beginning of the year, while the Standard & Poor's 500 index has risen 20%. In the final minutes of trading on Wednesday, shares hit $328.62, an increase of 34% in the last 12 months.