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Essex Property Trust Sees Higher FFO in Q4; Beating Analysts Estimates (ESS)
Real estate investment trust (REIT), Essex Property Trust Inc(ESS
) reported higher FFO for Q4, beating analysts estimates on Friday.
The Palo Alto, CA based company reported fourth quarter funds from operations (FFO) of $65.52 million, or $1.72 per share, up 15% from $55.53 million, or $1.55 per share last year.
Excluding special items, ESS reported FFO of $69.1 million, or $1.81 per share, up from $54 million, or $1.51 per share last year. On average, analysts expected to see earnings of $1.73 per share.
Looking ahead, the company expects to see FY2013 FFO in the range of $7.40 to $7.70 per share. Analysts are expecting to see earnings of $7.53 per share.
Essex Property shares were mostly flat during premarket trading Friday. The stock has increased 6% in the past year.
The Bottom Line
Shares of Essex Property Trust Inc(ESS) have a yield of 2.86%, based on Thursday’s closing price of $153.78.
Essex Property Trust Inc(ESS) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
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