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Equity Residential Reports Second Quarter Results

Stocks in this article: EQR

During the quarter, the company issued 1,081,797 units in its operating limited partnership having a value of approximately $66.6 million in connection with a property acquisition. The company has not issued any common shares under its At-the-Market (ATM) share offering program since the first quarter of 2012.

As of July 24, 2012, the company had cash on hand of approximately $75 million and approximately $1.72 billion available on its revolving credit facility.

Third Quarter 2012 Guidance

The company has established a Normalized FFO guidance range of $0.70 to $0.74 per share for the third quarter of 2012. The difference between the company’s second quarter 2012 Normalized FFO of $0.68 per share and the midpoint of the third quarter guidance range of $0.72 per share is primarily due to:

  • A positive impact of approximately $0.03 per share from total property NOI; and
  • A positive impact of approximately $0.01 per share from lower preferred share distributions as a result of the redemption of the company’s Series N Preferred Shares and lower interest expense.

Full Year 2012 Guidance

The company has revised its guidance for its full year 2012 same store operating performance, transactions and Normalized FFO results as well as other items listed on page 25 of this release. The changes to the full year same store, transactions and Normalized FFO guidance are listed below:




Same store:
Physical occupancy 95.2% 95.2%
Revenue change 5.0% to 6.0% 5.4% to 5.6%
Expense change 1.5% to 2.5% 1.5% to 2.5%
NOI change 6.5% to 8.5% 7.0% to 8.0%
Acquisitions: $1.25 billion $1.25 billion
Dispositions: $1.25 billion $1.25 billion
Cap Rate Spread: 125 basis points 130 basis points
Normalized FFO per share: $2.68 to $2.78 $2.73 to $2.78

The difference between the midpoint of the previous Normalized FFO guidance range and the midpoint of the revised guidance range is due primarily to:

  • A positive impact of approximately $0.01 per share from total property NOI;
  • A positive impact of approximately $0.01 per share from lower preferred share distributions as a result of the redemption of the company’s Series N Preferred Shares; and
  • A positive impact of approximately $0.01 per share from lower interest expense.

Third Quarter 2012 Earnings and Conference Call

Equity Residential expects to announce third quarter 2012 results on Wednesday, October 24, 2012 and host a conference call to discuss those results at 10:00 a.m. CT on Thursday, October 25, 2012.

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