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.
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