Essex Property beats quarterly FFO estimates on strong rental growth
ESS•Second-quarter FFO beats estimates
July 29 (Reuters) - Apartment-focused real estate investment trust Essex Property Trust ESS.N posted second-quarter core funds from operations above Wall Street estimates on Wednesday, helped by strong rental growth in Northern California.
Essex Property Trust has benefited from tight housing supply and steady rental demand in Northern California, enabling consistent rent growth in the coastal market.
Here are some details:
- The company reported second-quarter core FFO of $4.08 per share, above expectations of $4.04 per share, according to data compiled by LSEG.
- During the second quarter, revenue from Northern California rose 4.4% from last year, while the Southern part of the state was up 1.5%.
- Essex Property sees 2026 adjusted funds from operations between $16.03 per share and $16.25 per share, the midpoint of which is above analysts' expectations of $16.11 per share.
