Equity Residential: Q2 Earnings Snapshot

CHICAGO (AP) — CHICAGO (AP) — Equity Residential (EQR) on Thursday reported a key measure of profitability in its second quarter. The results matched Wall Street expectations.

The Chicago-based real estate investment trust said it had funds from operations of $369.5 million, or 94 cents per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 94 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 $138.4 million, or 37 cents per share.

The real estate investment trust, based in Chicago, posted revenue of $717.3 million in the period, surpassing Street forecasts. Eight analysts surveyed by Zacks expected $715.1 million.

For the current quarter ending in September, Equity Residential expects its per-share funds from operations to range from 95 cents to 99 cents.

The company expects full-year funds from operations in the range of $3.77 to $3.83 per share.

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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