Essex Property Trust Q1 FFO Beats Estimates; Revenue $485M
Essex Property Trust generated Q1 funds from operations of $270.9 million ($4.06/share) versus $3.96/share estimate and net income of $106.2 million ($1.65/share) on $484.8 million revenue, all above forecasts. The company projects Q2 FFO between $3.92 and $4.04 per share and full-year FFO of $15.69 to $16.19 per share.
1. Q1 Financial Results
Essex Property Trust posted funds from operations of $270.9 million ($4.06 per share) in Q1, surpassing the $3.96 per share estimate. Net income reached $106.2 million ($1.65 per share) on revenue of $484.8 million, above the projected $481.4 million.
2. Guidance and Outlook
For Q2, the REIT forecasts funds from operations between $3.92 and $4.04 per share. Full-year FFO is expected to range from $15.69 to $16.19 per share, reflecting the company’s stable occupancy and rental growth assumptions.