Apartment-based residential REIT Essex Property Trust Inc. ( ESS ) late Wednesday posted better-than-expected third quarter earnings results and tightened its full-year outlook.
The Palo Alto, CA-based company reported third quarter funds from operations (FFO) of $63.4 million, or $1.67 per share, compared with $50.5 million, or $1.43 per share, in the year-ago period. Excluding special items, core FFO was $1.71 per share.
On average, Wall Street analysts expected smaller FFO of $1.68 per share. FFO is a key metric used to gauge the performance of REITs, since it excludes the impact of real estate price fluctuations.
Looking ahead, ESS said it now expects full-year 2012 core FFO of $6.72 to $6.84 per share, up from a prior view of $6.63 to $6.83.
Essex Property Trust shares posted small gains in premarket trading Thursday.
Essex Property Trust Inc. ( ESS ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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