Equity Residential Reports Higher 3Q Earnings

Equity Residential, a Chicago-based real estate investment trust, has reported earnings per share of $1.62 for the third quarter, compared with $0.19 per share for the third quarter of 2006.The company, the largest multifamily REIT by market capitalization, attributed the increase to higher gains on property sales. On a funds-from-operations basis, an alternative non-GAAP earnings measure commonly used in the REIT industry, Equity Residential's earnings totaled $0.58 per share, compared with $0.62 per share a year earlier. The REIT attributed the difference to lower gains on sales of condominium units, higher interest expenses, and some other adjustments. Market conditions were "moderating yet solid" in the third quarter, according to David Neithercut, Equity Residential's president and chief executive officer. For the full year, he said he expects same-store revenue growth of 4.25%, and expects similar results for 2008. The REIT can be found online at http://www.equityapartments.com.