Equity Residential Q3 FFO Rises

(RTTNews) - Equity Residential (EQR) Tuesday reported third-quarter funds from operations of $305.8 million or $0.81 per share, up from $267.3 million or $0.71 per share last year.

Net income was $220.7 million or $0.61 per share, compared to $376.2 million or $1.05 per share last year.

Total revenues for the quarter rose to $664.1 million from $626.6 million last year.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.80 per share on revenues of $658.85 million for the quarter. Analysts' estimates typically exclude special items.

The company expects Normalized FFO guidance range of $0.81 to $0.83 per share for the fourth quarter. For the full year, the company now expects normalized FFO of $3.12 to $3.14 per share, compared to prior outlook of $3.08 to $3.12 per share.