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

The Chicago-based real estate investment trust said it had funds from operations of $390.2 million, or $1 per share, in the period.

The average estimate of 10 analysts surveyed by Zacks Investment Research was for funds from operations of $1 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 $310.9 million, or 82 cents per share.

The real estate investment trust, based in Chicago, posted revenue of $727.5 million in the period, which did not meet Street forecasts. Nine analysts surveyed by Zacks expected $727.6 million.

For the year, the company reported funds from operations of $1.48 billion. Revenue was reported as $2.87 billion.

For the current quarter ending in March, Equity Residential expects its per-share funds from operations to range from 88 cents to 92 cents.

The company expects full-year funds from operations in the range of $3.80 to $3.90 per share.


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