Equity Residential Q1 FFO Surges - Quick Facts

(RTTNews) - Equity Residential (EQR) Tuesday said first-quarter funds from operations, or FFO, surged to $265.64 million or $0.71 per share from $79.11 million or $0.22 per share in the prior-year quarter.

Normalized FFO for the quarter was $266.69 million or $0.71 per share, compared to $227.21 million or $0.64 per share in the year-ago quarter. On average, 20 analysts polled by Thomson Reuters expected the company to report FFO of $0.71 per share for the quarter. Analysts' estimates typically exclude special items.

Net income available to common shares plunged to $78.10 million or $0.22 per share from $1.02 billion or $3.01 per share last year, which includes $1.2 billion in higher gains on property sales.

Income from continuing operations available to common shares was $81.70 million or $0.21 per share, compared to a loss of $165.34 million or $0.47 per share a year ago.

Revenues for the quarter grew to $633.44 million from $504.72 million in the same quarter last year. Analysts expected revenues of $635.84 million.

Looking ahead to the second quarter, the company forecasts normalized FFO in a range of $0.74 to $0.78 per share. Analysts currently expect first-quarter FFO of $0.77 per share.

For the fiscal 2014, the company continues to project normalized FFO in the range of $3.03 to $3.13 per share. Street is currently looking for full-year 2014 FFO of $3.10 per share.