Equity Residential 3Q FFO falls 13%; COO Spector to retire, effective Dec. 31 |
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Tue, 30 Oct 2007 22:43
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SAN FRANCISCO (Thomson Financial) - Equity Residential late Tuesday reported third-quarter net earnings of $457.7 million, or $1.62 a share, compared with $69.8 million, or 19 cents a share, during the year earlier.The Chicago-based real estate investment trust posted funds from operations of $182.7 million, or 58 cents a share, down 13% from $208.9 million, or 62 cents a share, last year.Equity Residential said the decrease in FFO was due to lower net gains on sales of condominium units and land sales than last year, and higher interest expense due primarily to higher debt balances, among other factors.Total revenue came in at $527.5 million versus $465.4 million.Analysts' mean estimates were for revenue of $527.7 million, according to a poll by Thomson Financial.For the fourth quarter, Equity Residential said it expects FFO of 59 cents to 62 cents a share.The company also raised the low end of its FFO outlook for 2007, to $2.32 from $2.25, resulting in a full-year range of $2.32 to $2.35 a share.Additionally, Equity Residential said Chief Operating Officer Gerald Spector plans to retire, effective Dec. 31, but will continue to serve on the company's board of trustees as vice chairman. The company said it won't name a successor.The stock closed out the regular session up almost 2.5% at $39.87.Katherine Huntkh/gmCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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