This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Equity Residential Reports Full Year 2011 Results

During the fourth quarter of 2011, utilizing the company’s At-the-Market (ATM) share offering program, the company issued 827,686 common shares at an average price of $57.31 per share for total consideration of approximately $47.4 million. During 2011, the company issued approximately 3.9 million common shares at an average price of $52.23 per share for total consideration of approximately $201.9 million. During the first quarter of 2012, the company issued 201,284 common shares at an average price of $57.87 per share for total consideration of $11.6 million. The company will use the proceeds from these share sales primarily to fund its normal, ongoing investment activity, including development, and for general corporate purposes. The company has approximately 8.97 million common shares available for future issuance under this program. No additional ATM issuances are included in the company’s 2012 guidance.

As of January 31, 2012, the company had cash on hand of approximately $265.2 million, approximately $1.7 billion available on its revolving credit facility and $500 million available on its delayed draw term loan.

2011 Common Share Dividend

For the full year 2011, the company paid a dividend of $1.58 per share which, per the company’s stated policy, is approximately 65% of the company’s Normalized FFO per share for the year and a 7.5% increase over the 2010 dividend.

First Quarter 2012 Guidance

The company has established a Normalized FFO guidance range of $0.58 to $0.62 per share for the first quarter of 2012. The difference between the company’s fourth quarter 2011 Normalized FFO of $0.65 per share and the midpoint of the first quarter guidance range of $0.60 per share is primarily due to:

  • a negative impact of approximately $0.03 per share from lower total property NOI as a result of seasonally higher operating expenses; and
  • a negative impact of approximately $0.02 per share due to higher total interest expense due to higher debt balances.

Full Year 2012 Guidance

The company has established a Normalized FFO guidance range of $2.68 to $2.78 per share for the full year 2012. The assumptions underlying this guidance can be found on page 27 of this release. The difference between the company’s full-year 2011 Normalized FFO of $2.43 per share and the midpoint of the company’s guidance range of $2.73 per share for full year 2012 Normalized FFO is primarily due to:

  • a positive impact of approximately $0.28 per share from higher same store property NOI;
  • a positive impact of approximately $0.04 per share from higher non-same store property NOI including properties in lease-up;
  • a positive impact of approximately $0.01 per share, net, from the following factors impacting interest expense: benefits from $0.04 per share of higher capitalized interest due to increased development activity and $0.04 per share from lower secured debt balances in 2012 which are offset by $0.06 per share from increased interest expense due to higher unsecured debt balances in 2012, and by $0.01 per share due to costs from the company’s revolving credit facility expansion and delayed draw term loan; and
  • a negative impact of approximately $0.03 per share from a higher share count in 2012 due to the dilutive effect of stock-option exercises, an expected issuance of one million operating partnership units in connection with a planned acquisition and ATM activity to date.

The company’s 2012 guidance for Normalized FFO, FFO and earnings per share includes no impact, positive or negative, from the pursuit or acquisition of any interest in Archstone. Because Normalized FFO is designed to eliminate non-comparable items like pursuit costs and break-up fees, these items would not be included in Normalized FFO in any event.

5 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs