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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Essex Property Trust Inc | NYSE:ESS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.51 | 0.20% | 250.31 | 253.5256 | 249.37 | 251.63 | 399,202 | 23:00:00 |
Essex Property Trust Inc. (ESS) said Wednesday its third-quarter earnings plunged 71% but a key profitability measure for the West Coast apartment owner fell less than analysts had expected.
Separately, the company said Chief Executive Keith R. Guericke, who has held the top post since 1988, would be stepping down at year's end but remain vice chairman. Essex named its chief operating officer of the last three years, Michael J. Schall, to replace him.
In the latest results, comparable average revenue continued to decline, and occupancy also slid. The fundamentals for multifamily-housing real-estate investment trusts have been on an arc of improvement after the economic slowdown and high unemployment pushed occupancy and rental rates down. While the economy has been slowly recovering, stubbornly high joblessness is keeping REITs' improvement under pressure.
Last month, sector giant Equity Residential (EQR) reported its profitability improved as occupancy rose on basically steady average rents, and its same-property revenue returned to growth after nearly two years of decline.
Essex Property posted a profit of $6.4 million, or 21 cents a share, down from $21.7 million, or 74 cents a share, a year earlier. Excluding nonrecurring items, funds from operations-a key profitability measure-fell to $1.24 a share from $1.26. Analysts surveyed by Thomson Reuters expected $1.22.
Average same-property revenue fell 1.9%, with the biggest decline again in the Seattle metropolitan area, marking a year straight the region has been the company's worst comparable revenue performer.
Same-property occupancy was 96.7%, compared with 97% a year earlier and 97.2% in the second quarter.
Looking ahead, the REIT raised its 2010 FFO view to $5.35 to $5.45 a share from $5.14 to $5.30 due to selling securities and interest income.
Essex Property shares closed Wednesday at $113.36 and weren't active after hours. The stock has risen 36% so far this year.
-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com
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