CHICAGO (AP) — CHICAGO (AP) — Equity Residential (EQR) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $381.1 million, or 99 cents per share, in the period.
The average estimate of seven analysts surveyed by Zacks Investment Research was for funds from operations of 95 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 $89.7 million, or 24 cents per share.
The real estate investment trust, based in Chicago, posted revenue of $779.8 million in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $782.6 million.
For the current quarter ending in June, Equity Residential expects its per-share funds from operations to range from 98 cents to $1.02.
The company expects full-year funds from operations in the range of $4.02 to $4.14 per share.
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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 EQR at https://www.zacks.com/ap/EQR
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