Equity Residential reports Q4 normalized FFO $1.03c, consensus $1.04

Reports Q4 revenue $781.9M, consensus $789.34M. The company said, “With new apartment supply dramatically declining, continued social and cost considerations that favor rental housing and a portfolio that is well positioned with high current occupancy and significant exposure to the strong San Francisco and New York markets, we expect operating momentum to improve as we move through the year. In the meantime, we continue to be opportunistic and agile with our investors’ capital. We repurchased approximately $300 million of our stock during the year using sale proceeds from properties with slower forward growth prospects. At this price, and with the positive near term prospects we see for our business, we feel that our stock is a bargain.”