Essex Property Trust tops fourth-quarter FFO estimates

Essex Property Trust

04/02/2025 21:59

Feb 4 (Reuters) - Essex Property Trust  ESS.N  reported
fourth-quarter core funds from operations (FFO) above Wall
Street estimates on Tuesday, on the back of strong net operating
income in Southern California, despite subdued rental growth. 
    The company has a portfolio of about 62,000 apartment units
across the coastal markets of California and Washington.
Southern California accounted for nearly 43% of fourth-quarter
revenue.
    On a same-property basis, fourth quarter net operating
income in Southern California rose 3.3% year-over-year, compared
to 2% in Northern California and 2.1% in Seattle. 
    Essex expects a full-year adjusted FFO between $15.56 and
$16.06 per share, the midpoint of which is lower than analysts'
estimates of $16 per share, according to data compiled by LSEG. 
   The California-based real estate investment trust reported an
adjusted FFO of $3.92 per share for the fourth quarter ended
Dec. 31, compared with analysts' estimates of $3.90 per share. 

 (Reporting by Aishwarya Jain and Nathan Gomes; Editing by
Mohammed Safi Shamsi)
 ((Aishwarya.Jain@thomsonreuters.com;))