April 30-(Reuters) - Apartment-focused Real estate

investment trust (REIT) Essex Property Trust ( ESS ) on

Tuesday reported first-quarter funds from operation (FFO) per

share above estimates on the back of its performance in the

Southern California market.

Essex, which operates along the West Coast of the United

States, had ownership interests in 252 operating apartment

communities, amounting to 61,997 apartment homes, according to

its latest annual filing.

The California-based REIT reported FFO per share, an

important profitability metric watched closely by investors, of

$3.83 in the quarter ended March 31, above analysts' estimates

of $3.75 per share, according to LSEG data.

The company said it saw better-than-expected Q1 results as

lower delinquency rates drove same-property revenue growth ,

along with higher other property income.

The quarterly same-property revenue increased to 3.6%

from a year ago.

The company raised its full-year 2024 core FFO per diluted

share forecast to $15.03 to $15.43, compared to $14.76 to $15.30

per diluted share expected previously. Analysts, on average,

expected the full-year FFO to be $15.17 per share.