Equity Residential Reports First Quarter 2010
Results
Same Store Revenues Exceeding Company’s Expectations
April 28, 2010 04:29 PM Eastern Daylight Time
CHICAGO--(EON: Enhanced Online News)--Equity Residential (NYSE: EQR) today reported results for the
quarter ended March 31, 2010. All per share results are reported on a fully-diluted basis.
“We are very pleased with our same store revenue results for the quarter and encouraged by the improving
fundamentals we are seeing across all of our markets,” said David J. Neithercut, Equity Residential’s President and
CEO. “If these trends continue, we expect sequential same store revenues to be positive as soon as the second
quarter and we should achieve both same store revenue and FFO (funds from operations) results for the year at the
upper end of our guidance ranges.”
First Quarter 2010
For the first quarter of 2010, the company reported earnings of $0.18 per share compared to $0.28 per share in the
first quarter of 2009.
FFO for the quarter ended March 31, 2010 was $0.51 per share excluding the negative impact of property
acquisition costs previously budgeted to occur in the second quarter and unexpected storm related costs as a result
of severe snow on the East Coast and heavy rains in California and Arizona. Reported FFO for the period including
these items was $0.49 per share.
The difference between the company’s first quarter 2010 FFO of $0.49 per share and the first quarter 2009 FFO of
$0.57 per share is primarily due to:
l a negative impact of approximately $0.09 per share from lower total property net operating income (NOI)
driven by lower same store NOI, inclusive of the impact of the unexpected storm related costs mentioned
above, and dilution from the company’s 2009 transaction activity partially offset by the positive impact of
NOI from lease-up activity;
l a negative impact of approximately $0.02 per share from accelerated property acquisition and other
miscellaneous costs; and
l a positive impact of approximately