WASHINGTON (dpa-AFX) - Essex Property Trust, Inc. (ESS) Wednesday reported fourth-quarter net income of $136.87 million or $2.10 per share, compared to $95.75 million or $1.47 per share last year.
Funds from operations per share was $4.30, a 32.7% increase over $3.24 per share reported in the fourth quarter of 2020. The increase is primarily attributed to an unrealized gain related to the Company's investment in technology co-investments and a one-time legal settlement.
Core FFO per share improved by 7.6% to $3.25 per share from $3.02 per share last year.
Analysts had expected the company to earn $1.07 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Looking forward to full year 2022, the company now expects earnings of $4.62 - $5.10 per share, compared to previous estimate of $6.39 to $6.49 per share. Analysts currently estimate earnings of $6.52 per share for the year.
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