Equity Residential Reports Second Quarter 2010
Improving Revenue Results in Increased Guidance for 2010
July 28, 2010 04:45 PM Eastern Daylight Time
CHICAGO--(EON: Enhanced Online News)--Equity Residential (NYSE: EQR) today reported results for the
quarter and six months ended June 30, 2010. All per share results are reported on a fully-diluted basis.
“We are pleased that the strong and broad based recovery in apartment fundamentals that began earlier this year has
continued through our primary leasing season,” said David J. Neithercut, Equity Residential’s President and CEO.
“With strong occupancy, little new supply and favorable demographics, we expect top line growth for years to
come. Obviously, the rate of that growth is highly dependent on employment growth.”
Second Quarter 2010
The company reported solid results for the quarter with FFO (funds from operations) that exceeded the high end of
the company’s guidance range. In addition, same store sequential revenues turned positive for the first time in six
quarters and the company expects that in the third quarter, same store quarter over quarter revenues and NOI (net
operating income) will turn positive.
For the second quarter of 2010, the company reported earnings of $0.02 per share compared to the pre-impairment
$0.39 per share in the second quarter of 2009. The difference is due primarily to lower gains from property sales in
FFO for the quarter ended June 30, 2010 was $0.58 per share compared to the pre-impairment $0.62 per share for
the same period of 2009. The difference is due primarily to:
l the negative impact of approximately $0.03 per share from lower NOI from the company’s same store
l the negative impact of approximately $0.05 per share of dilution from the company’s 2009 transaction
activity, partially offset by accretion of $0.02 per share of NOI from the company’s 2010 transaction activity;
l the positive impact of approximately $0.03 per share of NOI from lease-up activity; an