WASHINGTON (dpa-AFX) - Equity Residential (EQR) reported that its first-quarter funds from Operations available to Common Shares and Units increased to $188.30 million from $173.46 million in the year ago quarter. Funds from Operations or FFO was $0.60 per share compared to $0.56 per share in the first quarter of 2011.
For the first quarter of 2012, the company reported Normalized FFO of $0.61 per share compared to $0.56 per share in the same period of 2011.
Net income available to common shares increased to $141.83 million from $123.87 million in the prior year quarter. Earnings of $0.47 per share compared to $0.42 per share in the first quarter of 2011.
Total revenues for the quarter rose to $527.66 million from $466.36 million in the prior year quarter.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share on revenues of $527.76 million for the quarter. Analysts' estimates typically exclude special items.
The company has established a Normalized FFO guidance range of $0.65 to $0.69 per share for the second quarter of 2012. Earnings per share are expected to be in the range of $0.22 to $0.26. Analysts expect the company to report earnings of $0.68 per share for the second-quarter.
The company expects Normalized FFO to be in the range of $2.68 to $2.78 per share for fiscal 2012. The company expects earnings to be in the range of $2.53 to $2.63 per share, FFO of $2.65 to $2.75 per share. Analysts expect the company to report earnings of $2.74 per share for fiscal 2012.
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