CHICAGO (AP) _ Equity Residential (EQR) on Tuesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Chicago, said it had funds from operations of $350.5 million, or 91 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 89 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 $289 million, or 77 cents per share.
The real estate investment trust posted revenue of $683.9 million in the period, falling short of Street forecasts. Seven analysts surveyed by Zacks expected $685 million.
For the year, the company reported funds from operations of $1.35 billion, or $3.49 per share. Revenue was reported as $2.7 billion.
For the current quarter ending in April, Equity Residential expects its per-share funds from operations to range from 84 cents to 88 cents.
The company expects full-year funds from operations in the range of $3.59 to $3.69 per share.
The company's shares have increased 2% since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 1%. In the final minutes of trading on Tuesday, shares hit $82.67, a rise of 15% in the last 12 months.