Equity Residential Q1 Profit Down, But FFO Increases

(RTTNews) - Equity Residential (EQR) Tuesday reported first-quarter net income of $256.2 million, or $0.67 per share, compared to $293.8 million, or $0.77 per share last year.

Funds from Operations for the first quarter were $368.9 million or $0.94 per share, compared to FFO of $338.4 million, or $0.87 per share last year.

Normalized Funds from Operations for the first quarter were $372.5 million or $0.95 per share, compared to FFO of $364.9 million, or $0.93 per share last year.

Revenue for the first quarter increased to $760.8 million, compared to $730.8 million last year.

Looking forward to the second quarter, the company expects earnings per share of $0.49 to $0.53, FFO per share of $0.95 to $0.99 and Normalized FFO per share of $0.96 to $1.00.