Equity Residential Sees Drop in Revenue

Equity Residential has reported funds from operations of $180.3 million ($0.60 per share) for the third quarter, compared to $201 million ($0.67 per share) for last year's third quarter.Net income for the third quarter was $88.661 million ($0.23 per share), down from $93.851 million ($0.26 per share) for the third quarter of 2001. Douglas Crocker II, CEO of the Chicago-based multifamily real estate investment trust, said, "The multifamily industry continues to be hurt by non-existent job growth and the availability of financing for both the purchase of single-family homes and multifamily development." He added, "While these factors will continue to have a negative impact on the multifamily industry through 2003, the stabilization of multifamily development at historical annual levels of 300,000 to 320,000 units and the predicted job growth in the second half of 2003 and through 2004 should have a positive impact on Equity Residential and the industry."