Equity Residential: Q4 Earnings Snapshot
CHICAGO (AP) — CHICAGO (AP) — Equity Residential (EQR) on Thursday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $399.9 million, or $1.03 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.04 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 $381.7 million, or $1 per share.
The real estate investment trust, based in Chicago, posted revenue of $781.9 million in the period, also falling short of Street forecasts. Eight analysts surveyed by Zacks expected $789.3 million.
For the year, the company reported funds from operations of $1.56 billion. Revenue was reported as $3.09 billion.
For the current quarter ending in March, Equity Residential expects its per-share funds from operations to range from 94 cents to 98 cents.
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