SAN MATEO, Calif. (AP) — SAN MATEO, Calif. (AP) — Essex Property Trust Inc. (ESS) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The San Mateo, California-based real estate investment trust said it had funds from operations of $270.9 million, or $4.06 per share, in the period.

The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of $3.96 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $106.2 million, or $1.65 per share.

The real estate investment trust, based in San Mateo, California, posted revenue of $484.8 million in the period, also surpassing Street forecasts. Six analysts surveyed by Zacks expected $481.4 million.

For the current quarter ending in June, Essex Property Trust expects its per-share funds from operations to range from $3.92 to $4.04.

The company expects full-year funds from operations in the range of $15.69 to $16.19 per share.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ESS at https://www.zacks.com/ap/ESS