CHICAGO (AP) _ Equity Residential (EQR) on Tuesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $297.2 million, or 78 cents per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of 78 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 $207.5 million, or 56 cents per share.
The real estate investment trust posted revenue of $606.1 million in the period, surpassing Street forecasts. Eight analysts surveyed by Zacks expected $598.6 million.
For the current quarter ending in December, Equity Residential expects its per-share funds from operations to range from 77 cents to 81 cents.
The company expects full-year funds from operations in the range of $3.06 to $3.10 per share.
The company's shares have decreased 26 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5 percent. In the final minutes of trading on Tuesday, shares hit $60.37, a drop of 25 percent in the last 12 months.
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 http://www.zacks.com/ap/EQR
Keywords: Equity Residential, Earnings Report
Automated Insights, source Associated Press News