CHICAGO (AP) — CHICAGO (AP) — Equity Residential (EQR) on Wednesday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.

The Chicago-based real estate investment trust said it had funds from operations of $393.4 million, or $1.02 per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.01 per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $113.8 million, or 30 cents per share.

The real estate investment trust, based in Chicago, posted revenue of $785 million in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $785.7 million.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on EQR at https://www.zacks.com/ap/EQR