Equity Residential (EQR) Tuesday reported fourth-quarter funds from operations, or FFO available to common shares and units of $308.1 million or $0.94 per share, compared to $201.4 million or $0.64 per share last year.
Excluding items, normalized FFO for the quarter were $243.9 million or $0.75 per share, up from $204.6 million or $0.65 per share a year ago.
On average, 15 analysts polled by Thomson Reuters expected FFO of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.
Net income available to common shares for the quarter was $365.98 million or $1.17 per share, compared with $99.02 million or $0.33 per share last year.
Revenues for the quarter were $547.65 million, compared with $492.35 million a year ago, while 16 analysts on consensus estimated revenues of $551.80 million for the quarter.
Looking ahead to the first quarter, the company expects normalized FFO of $0.62 to $0.66 per share, while analysts currently expect $0.66 per share.
For the full year 2013, the company estimates normalized FFO of $2.80 to $2.90 per share.
Analysts currently expect FFO of $2.94 per share for the full year 2013.
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