Equity Residential (EQR) Q4 FFO Misses Estimates; Revenue Also Below Forecast

Equity Residential (EQR) reported fourth-quarter results below Wall Street expectations. Funds from operations (FFO) were $399.9 million, or $1.03 per share, missing the Zacks average of $1.04 per share. Net income was $381.7 million, or $1.00 per share. Revenue of $781.9 million also underperformed the $789.3 million forecast. FFO, a key REIT performance metric, is derived from net income with adjustments for depreciation and amortization. For the year, FFO totaled $1.56 billion, and revenue reached $3.09 billion. For Q1 ending March 31, management expects per-share FFO of 94¢ to 98¢, and full-year FFO guidance of $4.02 to $4.14 per share.