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Equity Residential Reports Full Year 2011 Results

In the release dated February 1, 2012, in the table "2011 vs. 2010 Same Store Results/Statistics," please replace all numbers within the sixth column labeled "Turnover" with revised numbers.


Revenues Increase 5.0%; NOI Increases 7.7%

Provides Outlook for 2012 Performance

Equity Residential (NYSE: EQR) today reported results for the quarter and year ended December 31, 2011. All per share results are reported on a fully-diluted basis.

“We are extremely pleased with the 7.7% increase in same store net operating income delivered by our portfolio and our teams across the country in 2011,” said David J. Neithercut, Equity Residential’s President and CEO. “We are confident that multifamily fundamentals will remain strong as we see no let up in demand and little new supply which will keep retention high, vacancy low and rental rates on the rise.”

Fourth Quarter 2011

FFO (Funds from Operations), as defined by the National Association of Real Estate Investment Trusts (NAREIT), for the fourth quarter of 2011 was $0.64 per share compared to $0.45 per share in the fourth quarter of 2010. The difference is due primarily to a fourth quarter 2010 non-cash impairment charge on certain land parcels of $45.4 million, or $0.15 per share.

For the fourth quarter of 2011, the company reported Normalized FFO of $0.65 per share compared to $0.61 per share in the same period of 2010. The difference is due primarily to:
  • the positive impact of $0.06 per share from higher same store net operating income (NOI) and $0.02 per share from higher NOI from properties in lease-up;
  • the negative impact of $0.06 per share from 2010 and 2011 transaction activity; and
  • the positive impact of approximately $0.02 per share from lower interest expense and other items.

Normalized FFO begins with FFO and eliminates certain items that by their nature are not comparable from period to period or that tend to obscure the company’s actual operating performance. A reconciliation and definition of Normalized FFO are provided on pages 8 and 28 of this release and the company has included guidance for Normalized FFO on page 27 of this release.

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