UPDATE: Equity Residential Posts Higher Q4 Profit
Equity Residential (NYSE: EQR) reported a rise in its fourth-quarter profit.
Equity Residential's quarterly profit surged to $366 million, or $1.17 per share, from $99 million, or $0.33 per share, in the year-ago period. Its normalized FFO climbed to $0.75 per share from $0.65 per share. Equity Residential in October had expected FFO of $0.72 to $0.76 per share.
Its revenue rose 11% to $547.7 million.
For the current year, Equity Residential projects adjusted FFO of $2.80 to $2.90 per share, versus analysts' estimates of $2.95 per share.
Equity Residential shares closed at $54.16 yesterday.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.