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Wednesday, October 28, 2009
Equity Residential Hit By Lower Property Sales
By Shawn Langlois
MarketWatch Pulse
SAN FRANCISCO -- Equity Residential on Wednesday reported funds from operations of 53 cents a share, down from 64 cents a share a year ago. Revenue fell to $1.48 billion from $1.49 billion. Earnings dropped to 48 cents a share from 63 cents a year earlier due to lower gains from property sales and lower property net operating income. For the fourth quarter, Equity Residential is looking for funds from operations in a range of 49 cents to 53 cents a share. The stock fell 4.1% to close at $27.56 ahead of the report.
Copyright © 2009 MarketWatch, Inc.
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