Essex Property Trust lifts revenue view on stable rent growth in South California
July 30 (Reuters) -Essex Property Trust ESS.N raised its forecast for full-year revenue growth on Tuesday, banking on steady demand in South California to drive modest rent growth for its residential properties.
The real estate investment trust (REIT) now expects full-year 2024 same property revenue to grow by 2.7% to 3.3%, the mid-point of which is 75 basis points higher than its prior forecast range of 1.5% to 3%.
The residential REIT, which has a portfolio of more than 60,000 apartment units concentrated in California and Seattle, has seen stable rent growth in Southern California, including in markets such as Los Angeles and Orange County.
Essex said in prior earnings calls that it expects overall multi-family supply in its top markets to remain at less than 1% of the existing stock in 2024.
The California-based REIT reported funds from operations (FFO) per share of $3.89 in the quarter ended June 30, compared with analysts' estimates of $3.85 per share, according to LSEG data.
Its quarterly same-property revenue increased by 3.4%, compared with a year ago.
Shares of the company rose 1.14% in trading after the bell.
Reporting by Ananta Agarwal in Bengaluru; Editing by Mohammed Safi Shamsi
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