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Essex Property Trust (New York Stock Exchange: ESS) raised the low end and cut the high end of its 2023 guidance range for core funds from operations as third-quarter same-property revenue improved sequentially.
The apartment REIT revised its primary view of FFO per share for 2023 to $14.94-$15.06 from $14.88-$15.12 in the previous guide. By comparison, the average analyst estimate is $15.02.
Core FFO for the fourth quarter is expected to be $3.73 to $3.85, compared to the consensus of $3.84.
Third-quarter core FFO per share of $3.78, versus consensus of $3.77, increased slightly from $3.77 in the second quarter and $3.69 in the year-ago quarter.
Same-property scheduled rentals increased 1.0% quarter-over-quarter from 3.3% a year earlier. Comparable revenue growth of 1.1% quarterly and 3.2% year-on-year.
Conference call on October 27 at 10:00 am ET.
Previously, Essex Property Trust’s (ESS) FFO of $3.78 beats $0.01.
