Equity Residential Q2 Normalized FFO Rises

(RTTNews) - Equity Residential (EQR), Monday reported normalized funds from operations of $380.1 million or $0.97 a share for the second quarter compared to last year's $369.5 million or $0.94 a share.

Profit increased to $177.1 million or $0.47 per share from $138.4 million or $0.37 per share last year.

Revenue stood at $734.2 million versus $717.3 million in prior year.

Looking forward, the company now expects normalized FFO of $3.86 to $3.92 per share instead of previously estimated $3.80 to $3.90 per share, and earnings of $3.04 to $3.10 per share compared to previously expected $2.91 to $3.01 per share for the fiscal year 2024.

Whereas, for the third quarter, the company projects normalized FFO of $0.96 to $1.00 per share, and earnings of $0.49 to $0.53 per share.