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.
EQUITY RESIDENTIAL REPORTS FULL YEAR 2011 RESULTS
Revenues Increase 5.0%; NOI Increases 7.7%
Provides Outlook for 2012 PerformanceEquity 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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV