Essex Property (ESS) Q2 FFO & Revenues Top, Outlook Raised
Zacks Investment Research | Jul 27, 2017 10:47PM ET
Residential real estate investment trust (“REIT”), Essex Property Trust Inc. (NYSE:ESS) delivered a better-than-expected performance for second-quarter 2017. The company reported core funds from operations (“FFO”) per share of $2.97 for the quarter, beating the Zacks Consensus Estimate of $2.92. Core FFO per share also improved 8.4% from the year-ago quarter figure of $2.74.
Results reflect solid growth in revenues. The company has also raised its outlook for full-year 2017.
Total revenue of $339.1 million in the quarter exceeded the Zacks Consensus Estimate of $336.2 million and was up 5.4% year over year.
Per the management, during the second quarter, the market environment was “more favorable than expected”, especially in Seattle and Northern California. This was partly due to the delay in the delivery of new apartments. However, “periodic disruption from large concessions” is expected to continue when a number of “competing apartment communities are simultaneously in lease-up within the same submarket”. Amid this, for the next few years, management anticipates rental growth in core coastal markets to “trend near long-term averages”.
Essex Property Trust, Inc. Price, Consensus and EPS Surprise
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