Essex Property Trust beats Q1 FFO on Southern California market performance

Reuters05-01

April 30-(Reuters) - Apartment-focused Real estate investment trust $(REIT)$ Essex Property Trust on Tuesday reported first-quarter funds from operation (FFO) per share above estimates on the back of its performance in the Southern California market.

Essex, which operates along the West Coast of the United States, had ownership interests in 252 operating apartment communities, amounting to 61,997 apartment homes, according to its latest annual filing.

The California-based REIT reported FFO per share, an important profitability metric watched closely by investors, of $3.83 in the quarter ended March 31, above analysts' estimates of $3.75 per share, according to LSEG data.

The company said it saw better-than-expected Q1 results as lower delinquency rates drove same-property revenue growth , along with higher other property income.

The quarterly same-property revenue increased to 3.6% from a year ago.

The company raised its full-year 2024 core FFO per diluted share forecast to $15.03 to $15.43, compared to $14.76 to $15.30 per diluted share expected previously. Analysts, on average, expected the full-year FFO to be $15.17 per share.

(Reporting by Rupali Chaudhary in Bengaluru; Editing by Tasim Zahid)

((Rupali.Chaudhary@thomsonreuters.com;))

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Essex, which operates along the West Coast of the United States, had ownership interests in 252 operating apartment communities, amounting to 61,997 apartment homes, according to its latest annual filing.   The California-based REIT reported FFO per share, an important profitability metric watched closely by investors, of $3.83 in the quarter ended March 31, above analysts' estimates of $3.75 per share, according to LSEG data.   The company said it saw better-than-expected Q1 results as lower delinquency rates drove same-property revenue growth , along with higher other property income.       The quarterly same-property revenue increased to 3.6% from a year ago.   The company raised its full-year 2024 core FFO per diluted share forecast to $15.03 to $15.43, compared to $14.76 to $15.30 per diluted share expected previously. Analysts, on average, expected the full-year FFO to be $15.17 per share.(Reporting by Rupali Chaudhary in Bengaluru; Editing by Tasim Zahid)((Rupali.Chaudhary@thomsonreuters.com;))","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432223532"}