Essex Property Trust Inc. reported fourth-quarter funds from operations attributable to common stockholders and unit holders of $205.3 million, or $3.01 per share, a 6.1% increase in the aggregate from $193.5 million, or $2.85 per share, in the 2016 fourth quarter.
For the quarter, core FFO attributable to common stockholders and unit holders grew 7.8% year over year to $205.7 million, or $3.01 per share, from $190.8 million, or $2.81 per share.
For the full year 2017, the company posted a 7.6% year-over-year increase in FFO attributable to common stockholders and unit holders. Results totaled $812.1 million, or $11.91 per share, compared with $754.6 million, or $11.12 per share, in 2016.
Core FFO attributable to common stockholders and unit holders for the full year came to $812.0 million, or $11.91 per share, an 8.4% increase from $749.2 million, or $11.04 per share, in 2016.
The S&P Capital IQ consensus FFO-per-share estimate for the fourth quarter of 2017 was $3.00. For the full year, the S&P Capital IQ consensus estimate for FFO was $11.90 per share.
In reporting its results, Essex said it expects FFO per share in the range of $12.23 to $12.62 for the 2018 full year. The company also expects core FFO for the 2018 full year at between $12.24 and $12.64 per share.
The S&P Capital IQ consensus FFO-per-share estimate for the 2018 full year is $12.41.
During the fourth quarter, the company extended its Wesco I LLC joint venture. As part of the amendment, Essex and its venture partner agreed that Essex earned a promote interest of $38.0 million, which Essex agreed to contribute to the joint venture, raising its ownership in the venture to roughly 58%.
The company also formed a new joint venture entity, BEX III LLC, in which it has a 50% ownership interest. The venture acquired The Village at Toluca Lake, a 145-unit property in Burbank, Calif., for a total contract price of $59.0 million.
