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Equity Residential books 9.6% YOY increase in Q3 normalized FFO per share

Equity Residential reported third-quarter funds from operations available to common shares and units of $354.9 million, or 92 cents per share, an increase on a per-share basis from $302.1 million, or 79 cents per share, in the year-ago quarter.

Normalized FFO available to common shares and units for the third quarter increased from the year-ago period on a per-share basis to $351.9 million, or 91 cents per share, from $319.8 million, or 83 cents per share.

The S&P Global Market Intelligence consensus FFO-per-share estimate for the quarter was 89 cents.

For the quarter, total revenues amounted to $685.1 million, an increase from $652.9 million in the comparable 2018 period.

In reporting results, the company said it bought four apartment properties totaling 1,084 units in Los Angeles, the San Francisco Bay Area and suburban Denver for approximately $489.9 million.

Also in the third quarter, the company sold seven properties totaling 641 apartment units in Arlington, Va., and Berkeley, Calif., for about $303.9 million.

The multifamily real estate investment trust forecasts FFO and normalized FFO per share in the range of 87 cents to 89 cents for the fourth quarter.

For the full year, FFO is expected at a range of $3.40 to $3.42 per share, compared with previous guidance in the range of $3.36 to $3.42 per share. Additionally, the company forecasts normalized FFO to total between $3.46 and $3.48 per share, compared with previous guidance in the range of $3.43 to $3.49 per share.

For the fourth quarter, the S&P Global Market Intelligence consensus FFO-per-share estimate is 90 cents, while analysts expect 2019 FFO at $3.46 per share.