Equity Residential: 3Q Earnings Snapshot
CHICAGO (AP) _ Equity Residential (EQR) on Tuesday reported a key measure of profitability in its third quarter. The results missed Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $296.7 million, or 77 cents per share, in the period.
The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 82 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 $90.5 million, or 24 cents per share.
The real estate investment trust posted revenue of $622.4 million in the period, which also fell short of Street forecasts. Six analysts surveyed by Zacks expected $638.4 million.
The company's shares have declined 39% since the beginning of the year, while the Standard & Poor's 500 index has risen almost 5%. In the final minutes of trading on Tuesday, shares hit $49.69, a drop of 43% in the last 12 months.
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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
