EQR Tops Q2 Estimates, Raises Guidance

CHICAGO—Second-quarter results for apartment REIT Equity Residential came in at the high end of the company’s expectation and also beat analysts’ projections. Normalized funds from operations rose 10% from a year ago to 78 cents per share; the consensus estimates by Zacks Equity Research, Cowen & Co. and Thomson Reuters came in a penny per share lower.

“Demand for well located, high quality rental housing in our core markets remains exceptionally strong as favorable demographics and an improving economy combine to deliver operating results at the high end of our expectations portfolio-wide,” says David J. Neithercut, EQR’s president and CEO. Accordingly, the REIT expects full year growth in same store revenues of 4% and normalized FFO to increase 9% per share.