Equity Residential Reports 2Q Profits

Equity Residential, a Chicago-based real estate investment trust, has reported net income of about $150 million ($0.51 per share) for the second quarter, compared with about $128 million ($0.44 per share) in the second quarter of 2005.The company, the largest multifamily REIT by market capitalization, attributed the increase primarily to higher gains on property sales. "Our second-quarter performance reflects both the continuing strength of the multifamily business, as well as the progress we have made in transforming our portfolio," said David J. Neithercut, Equity Residential's president and chief executive officer. For the six months ended June 30, the REIT reported earnings of $1.76 per share, compared with $1.19 per share in the same period of 2005. Equity Residential can be found online at http://www.equityapartments.com.