SAN MATEO, Calif. – SAN MATEO, Calif. (AP) _ Essex Property Trust Inc. (ESS) on Wednesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations.
The San Mateo, California-based real estate investment trust said it had funds from operations of $210.9 million, or $3.09 per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $3.05 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 $90.9 million, or $1.38 per share.
The real estate investment trust posted revenue of $347.3 million in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $347.5 million.
Essex Property Trust expects full-year funds from operations in the range of $12.28 to $12.64 per share.
The company's shares have fallen slightly since the beginning of the year, while the Standard & Poor's 500 index has fallen slightly more than 1 percent. In the final minutes of trading on Wednesday, shares hit $240.29, a drop of slightly more than 3 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on ESS at https://www.zacks.com/ap/ESS