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Essex Property reports Q1 FFO up 16% YOY, affirms FY'16 guidance

on April28 reported year-over-year FFO growth, issued second-quarter guidance and affirmedits full-year core FFO expectations.

In thefirst quarter, FFO attributable to common stockholders and unit holders totaled$179.1 million, or $2.64 per share, up 16.3% on a per-share basis from $151.5 million,or $2.27 per share, in the year-ago quarter.

CoreFFO attributable to common stockholders and unit holders totaled $181.7 million,or $2.68 per share, up 17.0% on a per-share basis from $152.6 million, or $2.29per share, a year earlier.

The S&PCapital IQ consensus FFO-per-share estimate for the first quarter was $2.64.

Same-propertyNOI grew by 8.8% year over year in the first quarter, the company said.

The companyestablished a core FFO-per-share guidance range for the second quarter of $2.61to $2.71. For the full year 2016, it reaffirmed its core FFO-per-share guidancerange of $10.72 to $11.12.

The S&PCapital IQ consensus FFO-per-share estimates for the second quarter and full yearare $2.72 and $10.99, respectively.

In March,the company acquired Form 15 apartments, a 242-unit property in San Diego, Calif.,for a contract price of $97.4 million. In February, the company disposed of HarvestPark, a 104-unit property in Santa Rosa, Calif., for total proceeds of $30.5 million.In March, the company originated a $47.1 million preferred equity investment ina multifamily development project in Glendale, Calif.

Duringthe first quarter, Essex began construction on a development project in Santa Clara,Calif. The project is estimated to have 476 units. The company owned the land andoperated a commercial building on the property until February. The development isexpected to cost $226 million and open in the second quarter of 2018.