Essex Property Trust: Q1 Earnings Snapshot

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

The San Mateo, California-based real estate investment trust said it had funds from operations of $228.2 million, or $3.37 per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $3.34 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 $73.3 million, or $1.12 per share.

The real estate investment trust posted revenue of $381.9 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $376.3 million.

Essex Property Trust expects full-year funds from operations in the range of $13.77 to $14.13 per share.

_____

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