WASHINGTON (dpa-AFX) - Equity Residential (EQR) reported fourth-quarter net income to common shares of $216.70 million or $0.59 per share, compared to $109.94 million or $0.30 per share, prior year. The company said the difference is due primarily to higher gains on property sales in the fourth quarter of 2014, higher prepayment penalties incurred in the fourth quarter of 2013. Normalized FFO per share was $0.86, and FFO per share was $0.87, for the quarter.
On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.83 for the quarter. Analysts' estimates typically exclude special items.
Rental income was $662.82 million, compared to $636.84 million. Revenue increased to $664.66 million from $639.13 million last year. Analysts expected revenue of $664.16 million for the quarter.
The company has established a normalized FFO guidance range of $0.77 to $0.81 per share for the first quarter of 2015. Analysts expect the company to report first-quarter earnings per share of $0.79.
The company has established a Normalized FFO guidance range of $3.35 to $3.45 per share for the full year 2015. Analysts expect the company to report 2015 earnings per share of $3.38.
The company expects to pay four quarterly dividends of $0.5525 per share for an annual dividend of $2.21 per share in 2015.
Copyright RTT News/dpa-AFX
© 2015 AFX News
