Equity Residential FFO Rises - Quick Facts

(RTTNews) - Equity Residential (EQR) Tuesday reported second-quarter funds from operations, or FFO, of $274.62 million or $0.73 per share, up from $204.56 million or $0.64 per share in the same period last year.

Normalized FFO for the quarter was $0.71 per share. On average, 15 analysts polled by Thomson Reuters expected the company to report FFO of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

Net income available to common shares surged to $323.72 million or $0.90 per share from $99.80 million or $0.33 per share.

Revenues increased to $635.08 million from $448.35 million last year. Analysts expected revenues of $606.61 million.

Looking ahead to the third quarter, the company has forecast normalized FFO in a range of $0.71 to $0.75 per share. Analysts currently expect FFO of $0.74 per share for the third quarter.

For the fiscal 2013, the company currently projects normalized FFO in a range of $2.80 to $2.85 per share. This compares to the previous guidance range of $2.80 to $2.90 per share. Analysts currently expect full-year FFO of $2.54 per share.