Equity Residential reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported total revenues of $630,704,000 against $605,489,000 a year ago. Operating income was $214,764,000 against $224,070,000 a year ago. Income before income and other taxes, income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations of $456,005,000 against $416,612,000 a year ago. Income from continuing operations was $130,084,000 or $0.34 per basic and diluted share against $301,987,000 or $0.75 per diluted share a year ago. Net income available to common shares $124,669,000 or $0.34 per basic and diluted share against $276,477,000 or $0.75 per diluted share a year ago. FFO available to common shares and units was $313,022,000 against $305,228,000 a year ago. Normalized FFO available to common shares and units was $316,787,000 against $302,620,000 a year ago. FFO was $313,795,000 or $0.82 per basic and diluted share against $306,001,000 or $0.80 per diluted share a year ago. The difference is due primarily to a positive impact of approximately $0.02 per share from increased same store net operating income (NOI); a positive impact of approximately $0.03 per share from Lease-Up NOI; and a negative impact of approximately $0.01 per share from other items including higher corporate overhead (property management and general and administrative expenses). Normalized FFO was $317,560,000 or $0.83 per basic and diluted share against $303,393,000 or $0.79 per diluted share a year ago. EBITDA was $428,027,000 against $578,776,000 a year ago. Normalized EBITDA was $417,245,000 against $402,347,000 a year ago.

For the full year, the company reported total revenues of $2,471,406,000 against $2,425,800,000 a year ago. Operating income was $847,471,000 against $856,086,000 a year ago. Income before income and other taxes, income from investments in unconsolidated entities, net gain on sales of real estate properties and land parcels and discontinued operations of $115,776,000 against $130,300,000 a year ago. Income from continuing operations was $628,381,000 or $1.63 per diluted share against $4,479,586,000 or $11.68 per diluted share a year ago. Net income available to common shares was $600,363,000 or $1.63 per diluted share against $4,289,072,000 or $11.68 per diluted share a year ago. FFO available to common shares and units was $1,204,904,000 against $1,123,530,000 a year ago. Normalized FFO available to common shares and units was $1,199,237,000 against $1,179,650,000 a year ago. FFO was $1,207,995,000 or $3.15 per diluted share against $1,126,621,000 or $2.94 per diluted share a year ago. Normalized FFO was $1,202,328,000 or $3.13 per diluted share against $1,182,741,000 or $3.09 per diluted share a year ago. The difference is due primarily to a positive impact of approximately $0.08 per share from increased same store NOI; a positive impact of approximately $0.11 per share from Lease-Up NOI; a negative impact of approximately $0.12 per share due primarily to the Company's significant property sale activity in 2016; a negative impact of approximately $0.02 per share from higher total interest expense, driven primarily by a reduction in capitalized interest offset by interest savings from favorable refinancing activity; and a negative impact of approximately $0.01 per share from other items including lower interest and other income. EBITDA was $1,765,024,000. Normalized EBITDA was $1,593,598,000.

For the quarter, the company reported impairment of $1,693,000.

For the first quarter of 2018, the company has established an EPS guidance range of $0.48 to $0.52. The company has established an FFO guidance range of $0.69 to $0.73 per share. The company has established a Normalized FFO guidance range of $0.74 to $0.78 per share. The difference between the Company's fourth quarter 2017 EPS of $0.34 and the midpoint of the first quarter 2018 guidance range of $0.50 is due primarily to higher expected gains on property sales.

For the full year 2018, the company has established an EPS guidance range of $1.71 to $1.81. The company has established an FFO guidance range of $3.10 to $3.20 per share. The company has established a Normalized FFO guidance range of $3.17 to $3.27 per share. Expectation for 2018 is revenue growth of 1%. Expects occupancy to be flat at 96.1%; renewals the same as 2017, up 4.1%, a slight improvement to new lease gain at negative 1.9% versus the negative 3% realized in 2017. Company expects to have a positive impact of about $0.04 per share from same-store NOI growth in 2018, and offsetting this will be a reduction of about $4 million or $0.01 per share from 2017 and 2018 transaction activity. Company's guidance assumes that dispositions are relatively front-end loaded, while acquisitions are relatively back-end loaded. In 2018, company plans to spend approximately $210 million, which is about $2,900 per same-store unit in capitalized expenditures, which is about 8.8% of same-store revenue.