CHICAGO (AP) — CHICAGO (AP) — Equity Residential (EQR) on Thursday reported a key measure of profitability in its fourth quarter. The results met Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $366.8 million, or 94 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 94 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 $158.2 million, or 42 cents per share.
The real estate investment trust posted revenue of $699.7 million in the period, which topped Street forecasts. Eight analysts surveyed by Zacks expected $697.1 million.
For the year, the company reported funds from operations of $1.37 billion, or $3.52 per share. Revenue was reported as $2.74 billion.
For the current quarter ending in March, Equity Residential expects its per-share funds from operations to range from 84 cents to 88 cents.
The company expects full-year funds from operations in the range of $3.70 to $3.80 per share.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EQR at https://www.zacks.com/ap/EQR
Copyright © 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.