Equity Residential (EQR) reported that its third-quarter net income available to shareholders decreased to $132.362 million from $172.246 million last year. Earnings per share available to shareholders were $0.48 compared to $0.63 a year ago.
Income from continuing operations decreased to $12.824 million from $26.094 million a year ago. Earnings per share available to commmon shares from continuing operations were $0.03 compared to $0.08 last year.
FFO available to common shares and units decreased to $154.436 million or $0.53 per share from $186.590 million or $0.64 per share last year.
On average, 21 analysts polled by Thomson Reuters expected the company to report profit of $0.52 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues decreased to $492.757 million from $511.006 million last year. Analysts expected revenue of $486.51 million for the quarter.
On a same store third quarter to third quarter comparison, which includes 119,121 apartment units, revenues decreased 3.9%.
The company has established an FFO guidance range of $0.49-$0.53 per share for the fourth quarter of 2009.
The company has revised its guidance for its full year 2009 same store operating performance and funds from operations.
FFO per share is expected to be in the range of $2.18-$2.22; prior range was $2.10-$2.20. Same store revenue change is expected to be down 3.0%; prior guidance was a range of down 3.5%-down 3.0%.
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