Equity Residential Reports 2Q FFO

Equity Residential, Chicago, has reported funds from operations of $169.0 million ($0.57 per share) for the second quarter, compared with $189.7 million ($0.63 per share) a year earlier.Net income for the second quarter totaled $136.4 million ($0.41 per share), compared with $113.3 million ($0.32 per share) for the same period last year, the multifamily real estate investment trust said. "We are pleased that sequential 'same-store' revenues have stabilized, which would indicate that we are at the low point, but we are still awaiting the job growth that will drive the recovery of our industry," said Bruce W. Duncan, Equity Residential's president and chief executive officer. Mr. Duncan said the REIT believes its FFO per share for the year will be at the bottom of the $2.25-$2.40 range it previously estimated. The company can be found online at http://www.equityapartments.com.