Essex Property Trust: Q4 Earnings Snapshot

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

The San Mateo, California-based real estate investment trust said it had funds from operations of $254.3 million, or $3.83 per share, in the period.

The average estimate of 13 analysts surveyed by Zacks Investment Research was for funds from operations of $3.81 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 $65.4 million, or $1.02 per share.

The real estate investment trust, based in San Mateo, California, posted revenue of $421.7 million in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $419.7 million.

For the year, the company reported funds from operations of $999.9 million. Revenue was reported as $1.67 billion.

For the current quarter ending in March, Essex Property Trust expects its per-share funds from operations to range from $3.68 to $3.80.

The company expects full-year funds from operations in the range of $14.76 to $15.30 per share.

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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