S&P 500 (NYSE:SPY) component Equity Residential (NYSE:EQR) reported its results for the first quarter. Equity Residential is a real estate investment trust company that acquires and manages apartment properties in top growth markets in the United States.
Equity Residential Earnings Cheat Sheet for the First Quarter
Results: Funds from operations (FFO) were $173.5 million or 56 cents per share, up from $150.5 million, or 51 cents per share.
Revenue: Rose 12% to $520.6 million.
Quoting Management: “As expected, fundamentals continued to improve across all of our markets during the first quarter. With high occupancy and low net exposure heading into our primary leasing season, 2011 should produce solid growth in operations,” said David J. Neithercut, Equity Residential’s President and CEO. “We currently expect to achieve same store growth in net operating income in the upper half of our guidance range. However, we have accelerated the disposition pace of non-core assets as a result of the strong demand for apartment properties and sold more than $500 million of assets in April. The incremental dilution from this accelerated activity will likely keep Normalized FFO for the year near the mid-point of our guidance.”
Competitors to Watch: AvalonBay Communities, Inc. (NYSE:AVB), Simon Propery Group (NYSE:SPG), UDR, Inc. (NYSE:UDR), Apartment Investment and Management Co. (NYSE:AIV), Camden Property Trust (NYSE:CPT), BRE Properties, Inc. (NYSE:BRE), Mid-America Apartment (NYSE:MAA), Home Properties, Inc. (NYSE:HME), Post Properties, Inc. (NYSE:PPS), Colonial Properties Trust (NYSE:CLP), and Essex Property Trust, Inc. (NYSE:ESS).
Today’s Performance: Shares of EQR are unchanged in after market trading.