Essex Property Trust: Q2 Earnings Snapshot

SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Essex Property Trust Inc. (ESS) on Tuesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.

The San Mateo, California-based real estate investment trust said it had funds from operations of $262 million, or $3.94 per share, in the period.

The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of $3.84 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 $92.9 million, or $1.45 per share.

The real estate investment trust, based in San Mateo, California, posted revenue of $442.4 million in the period, also surpassing Street forecasts. Eight analysts surveyed by Zacks expected $433.3 million.

Essex Property Trust expects full-year funds from operations in the range of $15.38 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