Equity Residential EQR reported fourth-quarter 2019 normalized funds from operations (FFO) per share of 91 cents, surpassing the Zacks Consensus Estimate of 89 cents. Moreover, normalized FFO per share figure comes in 8.3% higher than the 84 cents reported in the year-ago quarter.Results mirror improved same-store net operating income (NOI) and growth in average rental rate. The company has also provided its guidance for the ongoing year.Total revenues in the reported quarter came in at $683.9 million, up 4.8% from the prior-year reported figure. In addition, the revenue figure comfortably outpaced the Zacks Consensus Estimate of $685 million.For full-year 2019, normalized FFO per share came in at $3.49, ahead of the Zacks Consensus Estimate of $3.47 and the prior-year tally of $3.25. This was supported by 4.8% year-over-year growth in total revenues of $2.7 billion.Quarter in DetailSame-store revenues (includes 75,816 apartment units) were up 3.2% year over year to $652.4 million, while expenses flared up 3% year over year to $193.5 million. As a result, same-store NOI climbed 3.2% year over year to $458.9 million.The company recorded 3.1% growth in average rental rate to $2,875. Physical occupancy contracted 10 basis points year over year to 96.1% for same-store portfolio. Turnover edged down to 10.6% from the year-ago period’s 10.8%.The company exited 2019 with cash and cash equivalents of around $45.7 million, down from the $47.4 million recorded at the end of 2018. Moreover, the company boosted its liquidity and financial flexibility by upsizing its revolving credit facility to $2.5 billion from $2 billion and increasing the maximum size of the unsecured commercial-paper program to $1 billion from $500 million.Portfolio ActivityDuring the reported quarter, Equity Residential acquired three apartment properties, aggregating 812 apartment units. These purchases were made for aggregate of $370.1 million at a weighted average Acquisition Capitalization Rate of 4.8%.The company also sold two properties for around $374 million at a weighted average Disposition Yield of 4.8%. The properties are located in suburban Washington, D.C. These properties had 1,159 apartment units in total.OutlookFor first-quarter 2020, Equity Residential projects normalized FFO per share at 84-88 cents. The Zacks Consensus Estimate for the same is currently pinned at 86 cents.The company has also provided its outlook for the ongoing year and expects normalized FFO per share of $3.59-$3.69. The Zacks Consensus Estimate for the same is $3.62.The company’s full-year outlook is backed by same-store portfolio revenue growth of 2.3-3.3%, physical occupancy of 96.4%, and NOI change of 1.5-3.5%.Our ViewpointEquity Residential’s stellar performance in the December-end quarter was impressive. Management noted that robust demand and high resident retention drove growth in same-store revenues. Further, the company made several efforts to enhance its operating platform, including self-guided tours and installation of smart home technology at selected properties.In the days to come, job-market growth, favorable demographics, lifestyle transformation, and creation of households will likely drive demand for its properties.Equity Residential currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Equity Residential Price, Consensus and EPS Surprise Equity Residential price-consensus-eps-surprise-chart | Equity Residential QuoteWe now look forward to the earnings releases of other REITs like Camden Property Trust CPT, Healthpeak Properties, Inc. PEAK and Host Hotels & Resorts, Inc. HST. While Camden Property is slated to report quarterly numbers on Jan 30, Healthpeak Properties and Host Hotels will report Q4 results on Feb 11 and Feb 19, respectively.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.Looking for Stocks with Skyrocketing Upside?Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.See the pot trades we're targeting>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Camden Property Trust (CPT): Free Stock Analysis Report Equity Residential (EQR): Free Stock Analysis Report Host Hotels & Resorts, Inc. (HST): Free Stock Analysis Report Healthpeak Properties, Inc. (PEAK): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research