Equity Residential Q3 Profit Down

(RTTNews) - Equity Residential (EQR) Tuesday reported results for the third quarter, with profit dropping from last year, while FFO per share increased.

Rental income for the quarter was $2.15 billion, compared with last year's $2.04 billion last year.

Net income for the quarter were $521.4 million or $1.38 per share, compared with last year's $615.6 million or $1.63 per share last year.

Funds from operations for the quarter were $0.96, compared with $0.90 per share. Normalized FFO per share was $0.96, compared with $0.92 last year.

Analysts polled by Thomson Reuters expected earnings of $0.40 per share and revenues of $727.52 million for the quarter.

Looking forward, the company now expects earnings of $2.20 to $2.22 per share, FFO of $3.74 to $3.76 per share, and Normalized FFO of $3.77 to $3.79 per share.

Previously, the company had expected earnings of $1.95 to $2.01 per share, FFO of $3.72 to $3.78 per share and Normalized FFO of $3.77 to $3.83 per share.

Analysts currently estimate earnings of $1.72 per share for the full year 2023.

For the fourth quarter, the company expects earnings of $0.82 to $0.84 per share, FFO per share of $1.00 to $1.02 and Normalized FFO per share of $0.99 to $1.01.

Analysts currently estimate earnings of $0.44 per share for the quarter.