Essex Property Trust Inc. ESS reported third-quarter 2020 core funds from operations (FFO) per share of $3.15, missing the Zacks Consensus Estimate of $3.16. The figure also fell 6% from the year-ago quarter’s $3.35.
Results reflect a tepid environment due to the coronavirus pandemic and subsequent economic recession that prevailed throughout the third quarter. Cash concessions and delinquencies affected same-property revenues during the quarter.
Michael Schall, president and CEO, Essex Property noted, “Local and state governments on the West Coast adopted strict guidelines for reopening businesses, muting the recovery in job growth and economic activity in the third quarter. However, these restrictions have begun to subside, leading to cautious optimism that the pace of improvement in job growth and economic activity will accelerate.”
However, total revenues of $370.8 million surpassed the Zacks Consensus Estimate of $368.6 million as well as inched up 1.1% year over year.
Essex Property did not