Business

Equity Residential profit surges but stock falls on lowered forecast

Equity’s holdings include Emerson Place Apartments and the Towers at Longfellow Apartments in Boston and Third Square in Cambridge.
Equity’s holdings include Emerson Place Apartments and the Towers at Longfellow Apartments in Boston and Third Square in Cambridge.

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Equity Residential’s quarterly income surged as the apartment owner posted a hefty gain from property sales, Dow Jones reported. But the company lowered the high end of its full-year outlook for normalized funds from operations (FFO), and the stock fell. FFO per share in the second quarter was 71 cents, up 3 cents year over year. For full-year 2013, Equity forecasts core FFO per share of $2.80 to $2.85. versus a previous forecast of $2.80 to $2.90.

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