CHICAGO (AP) _ Equity Residential (EQR) on Tuesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The Chicago-based real estate investment trust said it had funds from operations of $351.9 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 88 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 $266.3 million, or 71 cents per share.
The real estate investment trust posted revenue of $685.1 million in the period, which also beat Street forecasts. Eight analysts surveyed by Zacks expected $678.1 million.
For the current quarter ending in December, Equity Residential expects its per-share funds from operations to range from 87 cents to 89 cents.
The company expects full-year funds from operations in the range of $3.46 to $3.48 per share.
The company's shares have risen 34% since the beginning of the year, while the Standard & Poor's 500 index has risen 20%. In the final minutes of trading on Tuesday, shares hit $88.37, a rise of 39% in the last 12 months.