Essex Property Trust, Inc. (ESS) announced an increase in its Funds from Operations or FFO for the fourth quarter.
FFO increased to $257.3 million or $3.87 per diluted share from $252.8 million or $3.77 per diluted share last year.
Core adjusted FFO stood at $254.3 million or $3.83 per diluted share versus $252.4 million or $3.77 per diluted share prior year.
Profit declined 64.3 per cent, to $65.3 million or $1.02 per diluted share from last year's $185.2 million or $2.86 per diluted share.
On average, analysts polled by Thomson Reuters had estimated a profit of $1.46 per diluted share for the fourth quarter.
Looking ahead, the company expects FFO of $14.46 to $15 per diluted share, while it sees core FFO of $14.76 to $15.30 per diluted share for the fiscal year 2024.
It expects core FFO of $3.68 to $3.80 per diluted share and profit of $5.05 to $5.59 per diluted share for the first quarter.
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