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Essex Property raises guidance to go along with Q3 beat

Published 10/27/2016, 04:47 PM
Essex Property raises guidance to go along with Q3 beat
  • Q3 core FFO per share of $2.81 up 12.9% from $2.49 one year ago, topping high end of previous guidance.
  • Same-property revenue growth of 6.9% Y/Y; NOI growth of 8.3%.
  • The midpoint of full-year core FFO guidance is lifted by a nickel to $11.03 per share. Q4 core FFO is guided to $2.77-$2.83.
  • CEO Michael Schall, however, sounds a word of caution, expecting continued supply deliveries and a deceleration of employment trends in west coast markets to moderate pricing power. "We expect rental growth rates to return to longer-term averages, as compared to the exceptional rental growth generated in the past several years."
  • Conference call tomorrow at 2 ET
  • Previously: Essex Property Trust (NYSE:ESS) beats by $0.05 (Oct. 27)
  • ESS flat after hours

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