CHICAGO (AP) — CHICAGO (AP) — Equity Residential (EQR) on Tuesday reported a key measure of profitability in its first quarter. The results missed Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $341.2 million, or 87 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 88 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 $211.3 million, or 56 cents per share.
The real estate investment trust, based in Chicago, posted revenue of $705.1 million in the period, exceeding Street forecasts. Eight analysts surveyed by Zacks expected $699.5 million.
For the current quarter ending in June, Equity Residential expects its per-share funds from operations to range from 91 cents to 95 cents.
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