Equity Residential (EQR, Financial) filed Quarterly Report for the period ended 2010-09-30.
Equity Residential has a market cap of $13.94 billion; its shares were traded at around $48.84 with a P/E ratio of 23.1 and P/S ratio of 7.1. The dividend yield of Equity Residential stocks is 2.8%. Equity Residential had an annual average earning growth of 3.2% over the past 5 years.EQR is in the portfolios of Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Andreas Halvorsen of Viking Global Investors LP, Pioneer Investments, Bruce Kovner of Caxton Associates, Paul Tudor Jones of The Tudor Group, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors, Manning & Napier Advisors, Inc, Dodge & Cox, Chris Davis of Davis Selected Advisers.
For the nine months ended September 30, 2010, the Company reported diluted earnings per share of $0.29 compared to $1.12 per share in the same period of 2009. The difference is primarily due to lower gains from property sales in 2010 and lower total property net operating income driven by lower same store NOI and dilution from the Companys 2009 transaction activity, partially offset by the positive impact of NOI from 2010 transaction and lease-up activity.
Revenues from the Nine-Month 2010 Same Store Properties decreased $13.1 million primarily as a result of a decrease in average rental rates charged to residents, partially offset by an increase in occupancy. Expenses from the Nine-Month 2010 Same Store Properties increased $8.6 million primarily due to increases in repairs and maintenance expenses (mostly due to greater storm-related costs such as snow removal and roof repairs incurred during the first quarter of 2010), higher property management costs and increases in on-site payroll costs. The following tables provide comparative same store results and statistics for the Nine-Month 2010 Same Store Properties:
The Company anticipates consolidated rental acquisitions of $1.5 billion and consolidated rental dispositions of $750.0 million and a capitalization rate spread of 110 basis points for the full year ending December 31, 2010.
Read the The complete Report
Equity Residential has a market cap of $13.94 billion; its shares were traded at around $48.84 with a P/E ratio of 23.1 and P/S ratio of 7.1. The dividend yield of Equity Residential stocks is 2.8%. Equity Residential had an annual average earning growth of 3.2% over the past 5 years.EQR is in the portfolios of Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Andreas Halvorsen of Viking Global Investors LP, Pioneer Investments, Bruce Kovner of Caxton Associates, Paul Tudor Jones of The Tudor Group, Jeremy Grantham of GMO LLC, Steven Cohen of SAC Capital Advisors, Manning & Napier Advisors, Inc, Dodge & Cox, Chris Davis of Davis Selected Advisers.
Highlight of Business Operations:
Beginning in the fourth quarter of 2009, we began to see an increase in the availability of attractive acquisition opportunities. As a result, we expect to be a net buyer of assets in 2010 in contrast to being a net seller of assets in 2009. The Company acquired 14 properties consisting of 4,164 units for $1.4 billion and four land parcels for $54.3 million during the nine months ended September 30, 2010. While competition for the properties we are interested in acquiring increased in the second quarter of 2010 due to the overall improvement in market fundamentals, we were able to close several, of what we believe are, long-term, value added acquisition opportunities. Our acquisition pipeline is expected to moderate in the fourth quarter of 2010 as compared to the pace of the first nine months of 2010. We believe our access to capital, our ability to execute large, complex transactions and our ability to efficiently stabilize large scale lease up properties provide us with a competitive advantage. During the nine months ended September 30, 2010, the Company sold 11 consolidated properties consisting of 2,437 units for $172.0 million, and 27 unconsolidated properties consisting of 6,275 units generating cash proceeds to the Company of $26.9 million, as well as 2 condominium units for $0.4 million and one land parcel for $4.0 million. We expect to continue strategic dispositions and see an increase in dispositions in the fourth quarter of 2010 as we believe there is currently a robust market and pricing for certain of our non-strategic assets.For the nine months ended September 30, 2010, the Company reported diluted earnings per share of $0.29 compared to $1.12 per share in the same period of 2009. The difference is primarily due to lower gains from property sales in 2010 and lower total property net operating income driven by lower same store NOI and dilution from the Companys 2009 transaction activity, partially offset by the positive impact of NOI from 2010 transaction and lease-up activity.
Revenues from the Nine-Month 2010 Same Store Properties decreased $13.1 million primarily as a result of a decrease in average rental rates charged to residents, partially offset by an increase in occupancy. Expenses from the Nine-Month 2010 Same Store Properties increased $8.6 million primarily due to increases in repairs and maintenance expenses (mostly due to greater storm-related costs such as snow removal and roof repairs incurred during the first quarter of 2010), higher property management costs and increases in on-site payroll costs. The following tables provide comparative same store results and statistics for the Nine-Month 2010 Same Store Properties:
The Company anticipates consolidated rental acquisitions of $1.5 billion and consolidated rental dispositions of $750.0 million and a capitalization rate spread of 110 basis points for the full year ending December 31, 2010.
Read the The complete Report
