Feb 4 (Reuters) - Essex Property Trust ( ESS ) reported

fourth-quarter core funds from operations (FFO) above Wall

Street estimates on Tuesday, on the back of strong net operating

income in Southern California, despite subdued rental growth.

The company has a portfolio of about 62,000 apartment units

across the coastal markets of California and Washington.

Southern California accounted for nearly 43% of fourth-quarter

revenue.

On a same-property basis, fourth quarter net operating

income in Southern California rose 3.3% year-over-year, compared

to 2% in Northern California and 2.1% in Seattle.

Essex expects a full-year adjusted FFO between $15.56 and

$16.06 per share, the midpoint of which is lower than analysts'

estimates of $16 per share, according to data compiled by LSEG.

The California-based real estate investment trust reported an

adjusted FFO of $3.92 per share for the fourth quarter ended

Dec. 31, compared with analysts' estimates of $3.90 per share.