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Related Companies Essex Property Trust Inc. (ESS)

Related Documents Earnings Release (ER) Essex Property Trust Inc. 9/30/2009, filed on 11/3/2009

Related Articles 8/5/2009 Essex reports Q2 results

Essex Property Trust Inc. on Nov. 3 reported FFO for the third quarter totaling $50.8 million, or $1.69 per share, compared to $42.1 million, or $1.51 per share, reported in the year-ago period.

FFO in both periods was impacted by certain nonrecurring items. In 2009, the company repurchased $81.9 million of its series G cumulative convertible preferred stock at a $23.9 million discount to its carrying value, wrote off development costs totaling $6.7 million related to two land parcels that will no longer be developed by the company, elected to cancel the outperformance plan and wrote off $3.8 million in unamortized costs related to the plan, and recorded $600,000 in additional loan loss reserves related to a note receivable secured by an apartment community in the Portland, Ore., metro area.

In 2008, Essex wrote off $200,000 in loan costs related to the sale of an apartment community.

FFO excluding nonrecurring items totaled $38.0 million, or $1.26 per share, compared to $42.3 million, or $1.52 per share, in the prior-year period.

The Thomson First Call mean FFO-per-share estimate for the third quarter was $1.26, according to SNL.

Essex increased its 2009 full-year FFO guidance range to $6.72 to $6.82 per share, from the previous range of $6.20 to $6.40 per share given with second-quarter earnings Aug. 5.

The Thomson First Call mean FFO-per-share estimate for the year is $6.31.

Same-property average NOI dropped 8.0% year over year in the third quarter, while revenues were down 4.7% and expenses were up 1.8%.

Same-property average occupancy at the end of the third quarter was 97.0%, compared to 96.8% as of June 30 and 96.3% at the end of the year-ago quarter.