Summary
Equity Residential (EQR) reported its third-quarter 2011 results, showcasing a significant increase in net income attributable to common shareholders, primarily driven by substantial gains from property dispositions and improved same-store net operating income (NOI). The company demonstrated strong operational performance with high occupancy rates and revenue growth from rental income, coupled with effective cost management. EQR continues its strategic focus on acquiring and developing high-quality apartment properties in targeted growth markets while divesting non-core assets. The company has strengthened its balance sheet and liquidity position through a new revolving credit facility and significant proceeds from property sales. Looking ahead, EQR anticipates sustained growth in revenue and NOI, supported by positive market fundamentals and a well-diversified portfolio.
Financial Highlights
35 data points| Revenue | $493.87M |
| Operating Expenses | $349.06M |
| Operating Income | $142.78M |
| Interest Expense | $112.45M |
| Net Income | $107.85M |
| EPS (Basic) | $0.35 |
| EPS (Diluted) | $0.35 |
| Shares Outstanding (Basic) | 295.83M |
| Shares Outstanding (Diluted) | 312.84M |
Key Highlights
- 1Net income attributable to common shareholders surged to $791.1 million for the nine months ended September 30, 2011, up from $94.2 million in the prior year period, largely due to substantial gains from property dispositions.
- 2Total revenues for the nine months ended September 30, 2011, increased to $1.47 billion from $1.32 billion in the prior year period, driven by higher rental income.
- 3Same-store Net Operating Income (NOI) for the nine months ended September 30, 2011, increased by 7.9% to $816.3 million, reflecting strong rental rate growth and high occupancy levels.
- 4The company successfully managed operating expenses, with same-store operating expenses decreasing by 0.3% for the nine months ended September 30, 2011, compared to the prior year period.
- 5Equity Residential acquired $731.9 million in new properties and disposed of $1.4 billion in assets during the first nine months of 2011, demonstrating active portfolio management.
- 6The company replaced its existing revolving credit facility with a new $1.25 billion facility maturing in July 2014, enhancing its financial flexibility.
- 7Diluted Earnings Per Share (EPS) for the nine months ended September 30, 2011, rose to $2.62 from $0.30 in the prior year period, reflecting the strong financial performance.