Essex Property Trust (ESS): Q4 FFO Misses Estimates, Revenue Surpasses Forecast

Essex Property Trust Inc. (ESS) reported fourth-quarter funds from operations of $265.1 million, or $3.98 per share, missing the $4.00 per-share average of nine analysts surveyed by Zacks Investment Research. Funds from operations, a REIT industry standard, add back depreciation and amortization to net income. The REIT posted net income of $80.6 million, or $1.25 per share, and revenue of $479.6 million, exceeding the $476.6 million estimate. Year-over-year, ESS recorded full-year funds from operations of $1.06 billion and revenue of $1.89 billion. For the first quarter ending March 31, management expects per-share funds from operations to range from $3.89 to $4.01, and full-year FFO of $15.69 to $16.19 per share.