CHICAGO (AP) _ Equity Residential (EQR) on Tuesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.

The Chicago-based real estate investment trust said it had funds from operations of $330.8 million, or 86 cents per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of 83 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $260.1 million, or 70 cents per share.

The real estate investment trust posted revenue of $653.5 million in the period, which fell short of Street forecasts. Six analysts surveyed by Zacks expected $656.7 million.

The company's shares have dropped 32% since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. In the final minutes of trading on Tuesday, shares hit $54.66, a decrease of 31% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EQR at https://www.zacks.com/ap/EQR

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