Equity Residential Reports 2Q Profits

Equity Residential, Chicago, has reported net income of $128.3 million ($0.44 per share) for the second quarter, compared with $108.6 million ($0.39 per share) for the second quarter of 2004."Business continues to strengthen, and the table is set for a strong second half of 2005 and a very good 2006," said Bruce Duncan, Equity Residential's chief executive officer. The multifamily real estate investment trust said the quarterly increase in earnings is "primarily attributable to $0.10 per share in higher gains on property and condominium sales." This was partially offset by higher interest expense and compensation expense related to the retirement of Mr. Duncan, the REIT said. Equity Residential, the largest multifamily REIT by market capitalization, can be found online at http://www.equityapartments.com.