Essex Property Trust beats Q3 FFO estimates on revenue growth

Essex Property Trust

29/10/2024 22:00

Oct 29 (Reuters) - Essex Property Trust  ESS.N  beat
Wall Street estimates for third-quarter funds from operations
(FFO) on Tuesday, on the back of an outperformance in the
Seattle, Northern California and Southern California markets.
     The real estate investment trust, which has a portfolio of
about 62,000 apartment units in the coastal markets of
California and Washington, said it saw favorable same-property
revenue growth across all of its markets during the quarter.
    The REIT reported adjusted FFO per share of $3.91 in the
quarter ended Sept. 30, compared to analysts' estimates of $3.88
per share, according to data compiled by LSEG. 
    Quarterly same-property revenue increased 3.5% from a year
ago.
    The California-based company also lifted the lower end of
its full-year 2024 forecast for adjusted FFO to range between
$15.50 to $15.62 per share, from $15.38 to $15.62 apiece
earlier.

(Reporting by Ananta Agarwal and Aatreyee Dasgupta in Bengaluru;
Editing by Alan Barona)
((mailto:Ananta.agarwal@thomsonreuters.com))