Essex Property Trust Inc. Announces Earnings Results for the Fourth Quarter Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014
For the year, the company's net income available to common stockholders was $150,811,000 or $4.04 per diluted share compared to $119,812,000 or $3.41 per diluted share a year ago. Funds from operations was $299,731,000 or $7.59 per diluted share compared to $250,850,000 or $6.71 per diluted share a year ago. Core funds from operations was $300,096,000 or $7.60 per diluted share compared to $254,996,000 or $6.82 per diluted share a year ago.
For the year 2014, the company expects FFO diluted per share to be in the range of $8.13 to $8.50, core FFO diluted per share to be in the range of $8.10 to $8.40, same-property portfolio gross revenues to be between 5.0% to 6.2% and net operating income growth to be in the range of 5.5% to 7.5%.
For the first quarter of 2014, the Company has established a range for Core FFO per diluted share of $1.95 to $2.05.