SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Essex Property Trust Inc. (ESS) on Tuesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The San Mateo, California-based real estate investment trust said it had funds from operations of $260 million, or $3.91 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $3.88 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 $118.4 million, or $1.84 per share.
The real estate investment trust, based in San Mateo, California, posted revenue of $450.7 million in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $445.9 million.
Essex Property Trust expects full-year funds from operations in the range of $15.50 to $15.62 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
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