U.S. markets closed
  • S&P 500

    3,811.15
    -18.19 (-0.48%)
     
  • Dow 30

    30,932.37
    -469.64 (-1.50%)
     
  • Nasdaq

    13,192.35
    +72.92 (+0.56%)
     
  • Russell 2000

    2,201.05
    +0.88 (+0.04%)
     
  • Crude Oil

    61.66
    -1.87 (-2.94%)
     
  • Gold

    1,733.00
    -42.40 (-2.39%)
     
  • Silver

    26.70
    -0.98 (-3.56%)
     
  • EUR/USD

    1.2088
    -0.0099 (-0.81%)
     
  • 10-Yr Bond

    1.4600
    -0.0580 (-3.82%)
     
  • GBP/USD

    1.3922
    -0.0091 (-0.65%)
     
  • USD/JPY

    106.5500
    +0.3200 (+0.30%)
     
  • BTC-USD

    43,653.88
    -3,303.07 (-7.03%)
     
  • CMC Crypto 200

    912.88
    -20.25 (-2.17%)
     
  • FTSE 100

    6,483.43
    -168.53 (-2.53%)
     
  • Nikkei 225

    28,966.01
    -1,202.26 (-3.99%)
     

Essex Property Trust: 4Q Earnings Snapshot

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
  • Oops!
    Something went wrong.
    Please try again later.

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

The real estate investment trust, based in San Mateo, California, said it had funds from operations of $203.8 million, or $3.02 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $3.12 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 $95.7 million, or $1.47 per share.

The real estate investment trust posted revenue of $362.1 million in the period, which also missed Street forecasts. Seven analysts surveyed by Zacks expected $366 million.

For the year, the company reported funds from operations of $868.5 million, or $12.82 per share. Revenue was reported as $1.5 billion.

Essex Property Trust expects full-year funds from operations in the range of $11.86 to $12.46 per share.

The company's shares have risen nearly 7% since the beginning of the year, while the Standard & Poor's 500 index has climbed 3%. In the final minutes of trading on Thursday, shares hit $253, a decline of 19% in the last 12 months.

_____

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