Equity Residential reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company reported total revenues of $605,489,000 against $703,193,000 a year ago. Operating income was $224,070,000 against $287,058,000 a year ago. Income from continuing operations was $301,987,000 or $0.75 per diluted share against $213,673,000 or $0.55 per diluted share a year ago. Net income available to Common Shares $276,477,000 or $0.75 per diluted share against $202,989,000 or $0.55 per diluted share a year ago. FFO available to common shares and units was $305,228,000 against $351,564,000 a year ago. Normalized FFO available to common shares and units was $302,620,000 against $353,053,000 a year ago. FFO was $306,001,000 or $0.80 per diluted share against $353,061,000 or $0.92 per diluted share a year ago. Normalized FFO was $303,393,000 or $0.79 per diluted share against $353,853,000 or $0.93 per diluted share a year ago. The difference in EPS is due primarily to a higher amount of property sale gains due to more property sales in the fourth quarter of 2016, lower depreciation expense in the fourth quarter of 2016 as a direct result of the Company's significant sales activity in 2016.

For the full year, the company reported total revenues of $2,425,800,000 against $2,744,965,000 a year ago. Operating income was $856,086,000 against $1,009,238,000 a year ago. Income from continuing operations was $4,479,586,000 or $11.68 per diluted share against $907,621,000 or $2.36 per diluted share a year ago. Net income available to Common Shares was $4,289,072,000 or $11.68 per diluted share against $863,277,000 or $2.36 per diluted share a year ago. FFO available to common shares and units was $1,123,530,000 against $1,323,786,000 a year ago. Normalized FFO available to common shares and units was $1,179,650,000 against $1,317,802,000 a year ago. FFO was $1,126,621,000 or $2.94 per diluted share against $1,330,629,000 or $3.48 per diluted share a year ago. Normalized FFO was $1,182,741,000 or $3.09 per diluted share against $1,321,159,000 or $3.46 per diluted share a year ago. The difference in EPS is due primarily to a higher amount of property sale gains due to significantly more property sales in 2016.

The Company has established an EPS guidance range of $0.32 to $0.36 for the first quarter of 2017. The difference between the Company's fourth quarter 2016 EPS of $0.75 and the midpoint of the first quarter 2017 guidance range of $0.34 is due primarily to lower expected gains on property sales. The Company has established an FFO guidance range of $0.68 to $0.72 per share for the first quarter of 2017. The difference between the Company's fourth quarter 2016 FFO of $0.80 per share and the midpoint of the first quarter 2017 guidance range of $0.70 per share is due primarily to higher expected debt extinguishment costs. The Company has established a Normalized FFO guidance range of $0.71 to $0.75 per share for the first quarter of 2017. The difference between the Company's fourth quarter 2016 Normalized FFO of $0.79 per share and the midpoint of the first quarter 2017 guidance range of $0.73 per share is due primarily to: A negative impact of approximately $0.02 per share from lower same store NOI; A negative impact of approximately $0.01 per share of lower NOI primarily as a result of the Company's 2016 disposition activity; and A negative impact of approximately $0.03 per share from higher overhead costs (general and administrative and property management costs), which are typically front-end loaded for the year.

The company is providing guidance for its full year 2017 same store operating performance, EPS, FFO per share, Normalized FFO per share. The company expects EPS in the range of $1.92 to $2.02; FFO per share in the range of $3.01 to $3.11 and Normalized FFO per share in the range of $3.05 to $3.15. The Company has established an EPS guidance range of $1.92 to $2.02 for full year 2017. The difference between the Company's full year 2016 EPS of $11.68 and the midpoint of the full year 2017 guidance range of $1.97 is due primarily to lower expected gains on property sales in 2017. The Company has established an FFO guidance range of $3.01 to $3.11 per share for full year 2017. The difference between the Company's full year 2016 FFO of $2.94 per share and the midpoint of the full year 2017 guidance range of $3.06 per share is due primarily to lower gains on non-operating asset sales and lower expected debt extinguishment costs. The Company has established a Normalized FFO guidance range of $3.05 to $3.15 per share for full year 2017. The difference between the Company's full year 2016 Normalized FFO of $3.09 per share and the midpoint of the full year 2017 guidance range of $3.10 per share is due primarily to: A positive impact of approximately $0.04 per share from increased same store NOI; A positive impact of approximately $0.12 per share from NOI from non-same store properties, inclusive of Lease-Up NOI; A negative impact of approximately $0.12 per share of lower NOI primarily as a result of the Company's 2016 disposition activity; A negative impact of approximately $0.02 per share from higher total interest expense due to lower capitalized interest as the Company's development projects are put into service and higher expected floating rates in 2017, partially offset by the significant debt repayment activity during the first quarter of 2016; and A negative impact of approximately $0.01 per share from other items including lower fee and asset management income and lower interest and other income partially offset by lower overhead costs (general and administrative and property management costs).