During the quarter, Essex reported FFO of $21.3 million, or$1.02 per diluted share. In 1999, the third quarter produced FFO of$17.3 million, or 84 cents per diluted share. Revenues for thethird quarter of 2000 were $47.4 million, compared to $37.7 millionin the comparable 1999 quarter, a 25% increase. Net income for thequarter was $10.2 million, or $.54 per diluted share, down from$13.1 million, or $.71 per diluted share in the comparable quarterof 1999, which included a $4.7 million gain on sales of realestate.

The Northwestern region experienced the greatest improvementsince last quarter, attributable to improved occupancy and higherrents, says Keith R. Guericke, Essex's President and ChiefExecutive Officer, as part of the earnings announcement. During thethird quarter, Essex's same-property multifamily net operatingincome increased by 18.9% in the San Francisco Bay Area, 11.8% inthe Pacific Northwest, and 6.9% in Southern California, for anaverage increase of 13%.

Essex currently has ownership interests in 77 multifamilyproperties (16,721 units), and has 1,256 units in various stages ofdevelopment. During the third quarter, Essex acquired ownershipinterests in two apartment communities located in SouthernCalifornia. On an aggregate basis, Essex acquired 290 units forapproximately $22.5 million, and will invest an additional $4.9million in conjunction with a major renovation and repositioningprogram.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.