SAN MATEO, Calif. (AP) _ Essex Property Trust Inc. (ESS) on Monday reported a key measure of profitability in its second quarter. The results missed Wall Street expectations.

The San Mateo, California-based real estate investment trust said it had funds from operations of $213.7 million, or $3.16 per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $3.30 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 $84.5 million, or $1.29 per share.

The real estate investment trust posted revenue of $370.5 million in the period, also missing Street forecasts. Seven analysts surveyed by Zacks expected $382.2 million.

The company's shares have fallen 29% since the beginning of the year, while the Standard & Poor's 500 index has increased 2%. In the final minutes of trading on Monday, shares hit $214.24, a decline of 30% in the last 12 months.

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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

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