Essex Property Trust Q3 Profit Down

(RTTNews) - Essex Property Trust, Inc. (ESS) Thursday reported third-quarter net income of $87.3 million or $1.36 per share, compared with $92.8 million or $1.43 per share last year.

Funds from operations for the quarter were $245.4 million or $3.69 per share, compared with $232.1 million or 3.45 per share last year.

Core FFO for the quaretr were $251.3 million or $3.78 per share, compared to $248.6 million or $3.69 per share last year.

Analysts polled by Thomson Reuters expected earnings of $1.42 per share.

Looking forward to the fourth quarter, the company expects Core FFO per share of $3.73 to $3.85.

For the full year 2023, the company now expects earnings of $6.69 to $6.81 per share, FFO of $15.10 to $15.22 per share, and Core FFO of $14.94 to $15.06 per share.

Previously, the company expected earnings of $6.74 to $6.98 per share, FFO of $15.13 to $15.37 per share, and Core FFO of $14.88 to $15.12 per share.