CHICAGO (AP) _ Equity Residential (EQR) on Tuesday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $319.8 million, or 83 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 83 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 $214.2 million, or 58 cents per share.
The real estate investment trust posted revenue of $652.9 million in the period, surpassing Street forecasts. Seven analysts surveyed by Zacks expected $643.7 million.
For the current quarter ending in December, Equity Residential expects its per-share funds from operations to range from 84 cents to 86 cents.
The company expects full-year funds from operations in the range of $3.25 to $3.27 per share.
The company's shares have declined slightly since the beginning of the year, while the Standard & Poor's 500 index has climbed 2.5 percent. In the final minutes of trading on Tuesday, shares hit $63.74, a decline of slightly more than 4 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 https://www.zacks.com/ap/EQR