December 7th, 2011
Equity Residential, benefiting from the moribund housing market, reported surging third-quarter results Wednesday evening.
The Chicago-based real estate investment trust, which owns more than 400 U.S. apartment properties, said funds from operations climbed 18 percent to $200 million, or 63 cents per diluted share, from $169.7 million, or 55 cents per share, in the year-earlier period.
Funds from operations, or FFO, is the preferred measure of profitability of a REIT because it strips out real estate-related depreciation and other factors that skew results.
“We are extremely pleased with the operating performance of the company thus far,” President and CEO David J. Neit
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Tags: Chicago, Equity Residential
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