Essex Property Trust beats Q4 estimates on stable California demand

Essex Property Trust

06/02/2024 22:57

Feb 5 (Reuters) - Essex Property Trust  ESS.N  reported
fourth-quarter core funds from operation(FFO) per share above
estimates on Tuesday as stable demand and supply dynamics in
California drove modest rent growth. 
    The residential real estate investment firm, which has a
portfolio of more than 60,000 apartment units, mainly in
California and Seattle, has seen decent rent growth in Northern
California.
    The quarterly same-property revenue increased to 2.9% from a
year ago.
        The California-based REIT reported core fund from
operation (FFO) per share of $3.83 in the quarter ended Dec. 31,
compared to analysts' estimates of $3.81 per share, according to
LSEG data. 
    Core FFO is a measure that captures trends in occupancy
rates, rental rates and operating costs. 
    Net income per share shrank around 64% to $1.02 for the
final quarter. Shares were down 2.5% in the aftermarket trading
on the New York Stock Exchange.   
    The company also forecast 2024 core FFO per diluted share
between $14.76 and $15.30, the midpoint of which is below
analyst's estimates of $15.27 per share, as per LSEG data.
        
  

        
  
    

 (Reporting by Rupali Chaudhary and Ananta Agarwal in Bengaluru;
Editing by Tasim Zahid)
 ((Rupali.Chaudhary@thomsonreuters.com;))