CHICAGO (AP) _ Equity Residential (EQR) on Tuesday reported a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $314 million, or 82 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 81 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 $103.8 million, or 28 cents per share.
The real estate investment trust posted revenue of $662.5 million in the period, also beating Street forecasts. Seven analysts surveyed by Zacks expected $654.1 million.
For the current quarter ending in July, Equity Residential expects its per-share funds from operations to range from 82 cents to 86 cents.
The company expects full-year funds from operations in the range of $3.34 to $3.44 per share.
The company's shares have risen 16% since the beginning of the year, while the Standard & Poor's 500 index has increased 18%. In the final minutes of trading on Tuesday, shares hit $76.36, an increase of 24% 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 https://www.zacks.com/ap/EQR