Essex Property Trust (ESS) Tops Q1 FFO by 4c

Essex Property Trust (NYSE: ESS) reported Q1 FFO of $2.27, $0.04 better than the analyst estimate of $2.23.

"Housing demand has exceeded our expectations so far in 2015, resulting in exceptional same-property revenue growth of 7.7% relative to the first quarter of 2014. This is the eighth consecutive quarter where same-property revenue growth has exceeded 6%. Strong revenue growth contributed to 13.6% Core FFO per share growth, exceeding the high-end of our guidance range. Our core markets in coastal California and Seattle are among the top job-growth markets in the nation, producing healthy housing demand relative to a limited supply of new apartments. These fundamentals should position us well as we enter the peak leasing season," commented Michael Schall, President and Chief Executive Officer of the Company.

For earnings history and earnings-related data on Essex Property Trust (ESS) click here.

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