By Maria Armental

Equity Residential (EQR) reported first-quarter results Tuesday. Here's what you need to know:

EARNINGS: Profit rose 48% to $211 million, or 57 cents a share. Analysts surveyed by Thomson Reuters projected 27 cents a share in adjusted profit.

FFO: Funds from operations, a key performance measure for real-estate investment trusts, was 71 cents a share, compared with 76 cents a share a year earlier. On an adjusted basis, FFO rose to 77 cents a share from 74 cents a year earlier. Equity Residential had forecast 69 cents to 73 cents a share in FFO and 74 cents to 78 cents a share in adjusted FFO.

REVENUE: Revenue rose 5% to $633 million, beating analysts' projected $627.3 million.

OUTLOOK: Equity Residential raised its profit forecast for the year to a range of $1.75 to $1.85 a share, from its earlier view of $1.71 to $1.81 a share, and affirmed FFO guidance. For the current quarter, it projects profit of 36 cents to 40 cents a share and FFO of 77 cents to 81 cents a share, compared with analysts' projected 32 cents a share in profit and FFO of 80 cents a share.

STOCK: Shares, which lag the market with a 4.8% decline this year, rose 1.8% to $61.79 in after-hours trading.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

April 24, 2018 18:27 ET (22:27 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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