Equity Residential (EQR, Financial) filed Quarterly Report for the period ended 2010-03-31.
Equity Residential has a market cap of $13.04 billion; its shares were traded at around $46.27 with a P/E ratio of 21.9 and P/S ratio of 6.7. The dividend yield of Equity Residential stocks is 2.8%.EQR is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, Manning & Napier Advisors, Inc, Jeremy Grantham of GMO LLC, Dodge & Cox, Chris Davis of Davis Selected Advisers.
For the quarter ended March 31, 2010, the Company reported diluted earnings per share of $0.18 compared to $0.28 per share in the same period of 2009. The difference is primarily due to lower total property net operating income driven by lower same store NOI and dilution from the Companys 2009 and 2010 transaction activity.
Revenues from the First Quarter 2010 Same Store Properties decreased $13.2 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 First Quarter 2010 Same Store Properties increased $2.7 million primarily due to increases in repairs and maintenance expenses (largely due to greater storm-related costs such as snow removal and roof repairs), higher real estate taxes, utilities and property management costs, partially offset by decreases in on-site payroll and administrative costs. The following tables provide comparative same store results and statistics for the First Quarter 2010 Same Store Properties:
Read the The complete Report
Equity Residential has a market cap of $13.04 billion; its shares were traded at around $46.27 with a P/E ratio of 21.9 and P/S ratio of 6.7. The dividend yield of Equity Residential stocks is 2.8%.EQR is in the portfolios of Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, Manning & Napier Advisors, Inc, Jeremy Grantham of GMO LLC, Dodge & Cox, Chris Davis of Davis Selected Advisers.
Highlight of Business Operations:
The credit environment improved throughout mid and late 2009 and into 2010 and we currently have access to multiple sources of capital allowing us a less cautious posture with respect to pre-funding our maturing debt obligations. The Company has access to the equity markets and believes it could access both the secured and unsecured debt markets at attractive rates. Additionally, the Company has minimal debt maturities for the balance of 2010. As a result of the improved credit environment, in late 2009, we utilized $366.2 million of cash on hand to repurchase certain unsecured notes and convertible notes in public tender offers. Concurrently, beginning in the fourth quarter of 2009, we began to see an increase in the availability of attractive acquisition opportunities. We expect to revert from a net seller of assets during 2009 to a net buyer of assets in 2010. The Company acquired six properties consisting of 1,467 units for $639.3 million and one land parcel for $12.0 million during the quarter ended March 31, 2010. During the quarter ended March 31, 2010, the Company sold 10 properties consisting of 2,495 units for $170.0 million, as well as 2 condominium units for $0.4 million. Our access to capital and our ability to execute large, complex transactions should be competitive advantages in 2010. However, should a double-dip recession materialize or credit/equity markets deteriorate, we may seek to take steps similar to those we took in 2008 and early 2009 to increase liquidity and meet our debt maturities.For the quarter ended March 31, 2010, the Company reported diluted earnings per share of $0.18 compared to $0.28 per share in the same period of 2009. The difference is primarily due to lower total property net operating income driven by lower same store NOI and dilution from the Companys 2009 and 2010 transaction activity.
Revenues from the First Quarter 2010 Same Store Properties decreased $13.2 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 First Quarter 2010 Same Store Properties increased $2.7 million primarily due to increases in repairs and maintenance expenses (largely due to greater storm-related costs such as snow removal and roof repairs), higher real estate taxes, utilities and property management costs, partially offset by decreases in on-site payroll and administrative costs. The following tables provide comparative same store results and statistics for the First Quarter 2010 Same Store Properties:
Read the The complete Report
