Essex Property Trust Inc. (ESS) Wednesday reported first-quarter funds from operations, or FFO, of $77.4 million or $1.97 per share, up from $59.5 million or $1.63 per share in the same period last year.
Core FFO for the quarter was $73.2 million or $1.87 per share. On average, 23 analysts polled by Thomson Reuters expected the company to earn $1.88 per share for the quarter. Analysts' estimates typically exclude special items.
Net income for the quarter improved to $25.2 million or $0.68 per share from $22.7 million or $0.67 per share last year.
Looking ahead to the second quarter, the company has forecast core FFO in the range of $1.79 to $1.87 per share. Analysts currently expect FFO of $1.88 per share for the second quarter.
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