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Essex Property Trust logs 6.3% YOY rise in Q3 core FFO per share

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Essex Property Trust logs 6.3% YOY rise in Q3 core FFO per share

Essex Property Trust Inc. disclosed third-quarter funds from operations attributable to common stockholders and unit holders of $238.8 million, or $3.50 per share, a rise of 8.7% on a per-share basis from $220.1 million, or $3.22 per share, in the corresponding 2018 period.

Core FFO for the third quarter increased 6.3% year over year on a per-share basis to $228.8 million, or $3.35 per share, from $215.2 million, or $3.15 per share.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the third quarter was $3.35.

Essex said a joint venture in which the company owns a 50.0% interest bought the 331-unit The Courtyards at 65th Street apartment home community in Emeryville, Calif., for $178.0 million.

Another joint venture in which the company owns a 50.1% stake purchased the 195-unit 777 Hamilton Apartments community near Facebook Inc.'s global headquarters in Menlo Park, Calif., for $148.0 million.

In September, the company acquired the 132-unit Township apartment home community in Redwood City, Calif., for $88.7 million.

During the third quarter, Essex issued 228,271 common shares totaling $73.4 million in gross proceeds through its equity distribution program.

In reporting results, the multifamily real estate investment trust said it forecasts FFO and core FFO for the fourth quarter in the respective per-share ranges of $3.31 to $3.41 and $3.36 to $3.46.

For the 2019 full year, FFO per share is forecast in the range of $13.50 to $13.60, compared with previous guidance in the range of $13.31 to $13.49. The company also expects core FFO per share for the 2019 full year in the range of $13.28 to $13.38, compared to previous guidance in the range of $13.19 to $13.37.

The S&P Global Market Intelligence consensus FFO-per-share estimates for the fourth quarter and full year are $3.41 and $13.34, respectively.