UPDATE: Equity Residential Posts Higher Q4 Profit

Equity Residential 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.