Equity Residential Reports Strong Q4 Results, Meets Expectations
CHICAGO, March 7, 2023 – Equity Residential (EQR) announced its fourth-quarter 2022 earnings, reporting funds from operations (FFO) of $392.1 million ($1 per share), matching analysts' estimates.
FFO, a key profitability metric for REITs, includes net income and certain non-cash items. Equity Residential's net income was $418.8 million ($1.10 per share).
Revenue reached $766.8 million, exceeding the $757.4 million consensus estimate. For the full year, FFO totaled $1.52 billion, while revenue was $2.98 billion.
Looking ahead, Equity Residential anticipates first-quarter 2023 FFO per share of 90-94 cents. Full-year FFO is projected to be in the range of $3.90-$4 per share.