Essex Property Trust: Q2 Earnings Snapshot

July 26, 2022 GMT

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

The real estate investment trust, based in San Mateo, California, said it had funds from operations of $248.7 million, or $3.68 per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $3.55 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 $57.1 million, or 87 cents per share.

The real estate investment trust posted revenue of $400 million in the period, also exceeding Street forecasts. Seven analysts surveyed by Zacks expected $392.9 million.

For the current quarter ending in October, Essex Property Trust expects its per-share funds from operations to range from $3.60 to $3.70.

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The company expects full-year funds from operations in the range of $14.35 to $14.55 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