Equity Residential Earnings Cheat Sheet: FFO Rises
S&P 500 (NYSE:SPY) component Equity Residential (NYSE:EQR) reported its results for the fourth quarter. Equity Residential is a real estate investment trust company that acquires and manages apartment properties in top growth markets in the United States.
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Equity Residential Earnings Cheat Sheet for the Fourth Quarter
Results: The company’s funds from operations (FFO) rose from the year earlier quarter to 64 cents. FFO, a measure of performance of a real estate investment trust (REIT), removes the profit-reducing effect that depreciation has on earnings. It fell short of the consensus estimate of 65 cents per share.
Quoting Management: “We are extremely pleased with the 7.7% increase in same store net operating income delivered by our portfolio and our teams across the country in 2011,” said David J. Neithercut, Equity Residential’s President and CEO. “We are confident that multifamily fundamentals will remain strong as we see no let up in demand and little new supply which will keep retention high, vacancy low and rental rates on the rise.”
Looking Forward: The average estimate for the first quarter of the next fiscal year is steady at 65 cents a share. For the fiscal year, the average estimate has been unchanged at $2.43 a share.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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