Equity Residential: 2Q Earnings Snapshot
CHICAGO (AP) _ Equity Residential (EQR) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $311.2 million, or 81 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 80 cents 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 $112.8 million, or 31 cents per share.
The real estate investment trust posted revenue of $639.8 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $637.9 million.
For the current quarter ending in October, Equity Residential expects its per-share funds from operations to range from 81 cents to 85 cents.
The company expects full-year funds from operations in the range of $3.22 to $3.28 per share.
The company’s shares have dropped slightly since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5.5 percent. In the final minutes of trading on Tuesday, shares hit $63.46, a fall of almost 5 percent in the last 12 months.