Equity Residential Reports '04 EPS

Chicago-based Equity Residential, the largest multifamily real estate investment trust by market capitalization, has reported earnings per share of $1.48 for 2004, down from $1.55 in 2003.For the fourth quarter, the REIT reported EPS of $0.48, compared with $0.33 for the fourth quarter of 2003. Equity Residential said the quarterly increase is mostly a result of higher gains on property sales in 2004 as well as some costs associated with its redemption of preferred shares in 2003. Funds from operations totaled $0.56 per share for the fourth quarter, compared with $0.45 per share a year earlier. "Operationally, 2004 was a year of improving fundamentals," said Bruce W. Duncan, president and chief executive officer of Equity Residential. "Revenues in the majority of our markets increased primarily as a result of decreased concessions. We sold nearly $1.0 billion in assets, at excellent prices, in markets we were determined to cull from our portfolio and invested $900 million in assets and markets with greater long-term potential."