Equity Residential (EQR) Wednesday reported third-quarter funds from operations, or FFO, of $292 million or $0.92 per share, compared with $196.6 million or $0.63 per share last year.
Excluding items, normalized FFO for the quarter were $232 million or $0.73 per share, compared with $193 million or $0.62 per share a year ago.
On average, 16 analysts polled by Thomson Reuters expected FFO of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.
Net income for the quarter was $218.6 million or $0.72 per share, compared with $104 million or $0.35 per share last year. Net results of real estate companies usually include items that reduce their earnings.
Revenues for the quarter were $556 million, compared with $493 million a year ago.
Analysts on consensus estimated revenues of $553.43 million for the quarter.
On a same-store basis, revenues for the quarter were up 5.8%.
Looking ahead to the fourth quarter, the company expects normalized FFO of $0.72 to $0.76 per share, while analysts currently expect $0.78 per share.
For the full year, the company raised the lower end of its guidance by a cent and now estimates normalized FFO of $2.74 to $2.78 per share.
Analysts currently expect FFO of $2.78 per share for the full year.
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