Equity Residential's quarterly FFO rises on strong rental demand

Equity Residential reported a rise in its third-quarter funds from operations on Tuesday, driven by strong rental demand and relatively lower supply in its key markets.

The Chicago, Illinois-based real estate investment trust, which operates rental apartment properties across the United States, counts the acquisition, development and management of multifamily residential properties as its primary business.

"We continue to see a favorable outlook for our business given the low levels of housing supply expected to be delivered over the next several years, particularly in our Coastal markets, powerful cost and social dynamics favoring rentership and a customer base that remains well employed with rising incomes," said CEO Mark Parrell.


On a diluted basis, Equity Residential reported funds from operations of $1.05 per share in the quarter ended September 30, compared to 99 cents per share a year ago.

The company reported quarterly revenue of $782.4 million, beating estimates of $781 million, according to data compiled by LSEG.

Shares of the company rose marginally in after-hours trading.