Essex Property Trust tops first-quarter FFO estimates
April 29(Reuters) - Essex Property Trust ESS.N on Tuesday reported first-quarter core funds from operations (FFO) above Wall Street estimates, helped by strong housing demand in Northern California.
The multifamily residential property company, which develops and maintains apartments in West coast markets, has said in the past that it expects housing demand to accelerate in Northern California on the back of AI-related job growth.
The company maintains a portfolio of about 62,000 apartment units in Washington and California.
It expects second-quarter core FFO between $3.90 and $4.02 per share, compared to expectations of $3.99 per share.
On a same-property basis, first quarter net operating income in Southern California rose 3.7% year-over-year, compared to 4.3% in Northern California.
The California-based REIT reported a quarterly core FFO of $3.97 per share, compared with analysts' estimate of $3.93 per share.
Related Articles
Coca Cola (KO) Q4 Earnings Preview: Look for the Upside in the AI Initiatives, not in the Revenue and the EPS
Coca-Cola (KO) enters its fourth-quarter 2025 earnings call tomorrow with significant momentum. However, a fundamental shift is occurring.
Warsh’s Fed Era Signals a Death Knell for QE, Jolting the $30 Trillion Treasury Market
With Warsh’s nomination, his past proposals for governing the Federal Reserve are being brought to the forefront. A central issue is the formulation of a new "1951 Accord" to restructure the relationship between the Fed and the Treasury. Analysts suggest such a move could impact the $30 trillion Tre
Amazon Stock Predictions for 2026 to 2030: Will They Exceed Expectations and Achieve Major Long-Term Goals?
TradingKey - As we head into 2026, many investors are questioning where Amazon (AMZN) fits into the technology world.
A Crash After a Surge: Why Silver Lost 40% in a Week?
TradingKey - Spot silver (XAGUSD) prices continue to decline. Silver plunged 20% on Thursday, breaking below $71 per ounce, with the sell-off intensifying on Friday as prices fell further below $64. Compared to the all-time high set on January 29, silver prices have retraced more than 40%, wiping out nearly all gains accumulated over the previous month.
