Equity Residential reports 4Q results

CHICAGO (AP) _ Equity Residential (EQR) on Tuesday reported a key measure of profitability in its fourth quarter. The results met Wall Street expectations.

The real estate investment trust, based in Chicago, said it had funds from operations of $302.6 million, or 79 cents per share, in the period.

The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 79 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 $276.5 million, or 75 cents per share.

The real estate investment trust posted revenue of $605.5 million in the period, topping Street forecasts. Six analysts surveyed by Zacks expected $604.8 million.

For the year, the company reported funds from operations of $1.18 billion, or $3.09 per share. Revenue was reported as $2.43 billion.

Equity Residential expects full-year funds from operations to be $3.01 to $3.11 per share.

The company's shares have fallen roughly 6 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 2 percent. In the final minutes of trading on Tuesday, shares hit $60.77, a decrease of 21 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EQR at https://www.zacks.com/ap/EQR

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Keywords: Equity Residential, Earnings Report