Equity Residential Q3 Profit Down

(RTTNews) - Equity Residential (EQR) Wednesday reported third-quarter net income of $143.09 million or $0.38 per share, compared to $171.7 million or $0.45 per share last year.

Funds from operations for the quarter were $385.4 million or $0.99 per share, compared to $376.6 million or $0.96 per share last year.

Normalized FFO for the quarter was $384.5 million or $0.98 per share compared to $376.1 million or $0.96 per share last year.

Rental income for the quarter was $748.3 million compared to $724.1 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.42 per share and revenues of $743.93 million for the quarter.

Looking forward to the fourth-quarter, the company expects earnings of $1.01 to $1.05 per share, FFO per share of $0.95 to $0.99 and Normalized FFO per share of $0.98 to $1.02.