Equity Residential Reports 4Q Profits

Equity Residential, a Chicago-based real estate investment trust, has reported net income of $215.2 million ($0.74 per share) for the fourth quarter, compared with $137.6 million ($0.48 per share) a year earlier.The company, the largest multifamily REIT by market capitalization, reported funds from operations (a non-GAAP measure commonly used by REITs) of $0.66 per share for the fourth quarter, compared with $0.56 for the fourth quarter of 2004. "As we expected, the continuing improvement in the economy, growth in jobs, and diminished supply in our core markets facilitated a strong finish to 2005 and will continue to benefit Equity Residential in 2006," said David J. Neithercut, Equity Residential's president and chief operating officer. The REIT can be found online at http://www.equityapartments.com.