Essex Property Trust: Fourth Quarter Earnings Overview

Essex Property Trust Reports Fourth Quarter Earnings

Essex Property Trust Inc., headquartered in San Mateo, California, announced its financial results for the fourth quarter, revealing a key profitability metric that did not meet analysts’ expectations.

During the quarter, the real estate investment trust recorded funds from operations totaling $265.1 million, which translates to $3.98 per share.

Analysts surveyed by Zacks Investment Research had anticipated funds from operations of $4 per share, slightly higher than the company’s reported figure.

Funds from operations, a significant indicator within the REIT sector, is calculated by adding back depreciation and amortization to net income.

Essex Property Trust also reported net income of $80.6 million, or $1.25 per share, for the quarter.

The company’s revenue reached $479.6 million, surpassing the consensus estimate of $476.6 million from eight Zacks analysts.

For the full year, Essex Property Trust achieved funds from operations of $1.06 billion and reported total revenue of $1.89 billion.

Outlook

Looking ahead to the first quarter ending in March, the company projects funds from operations per share to be between $3.89 and $4.01.

For the entire year, Essex expects funds from operations to fall within the range of $15.69 to $16.19 per share.