WASHINGTON (dpa-AFX) - Equity Residential (EQR) reported that its fourth-quarter funds from operations available to common Shares and units rose to $201.37 million from $136.43 million in the year ago quarter. Funds from Operations or FFO for the fourth quarter were $0.64 per share up from $0.45 per share in the fourth quarter of 2010. The difference is due primarily to a fourth quarter 2010 non-cash impairment charge on certain land parcels of $45.4 million, or $0.15 per share. Normalized FFO was $0.65 per share compared to $0.61 per share in the same period of 2010. Net income available to common shares for the quarter declined to $99.02 million from $185.87 million last year. Earnings were $0.33 per share down from $0.65 per share in the fourth quarter of 2010. The difference is due primarily to lower gains from property sales in 2011 partially offset by the non-cash impairment charge on certain land parcels in 2010. Total revenues for the quarter rose to $519.26 million from $460.75 million in the prior year quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share on revenues of $520.58 million for the quarter. Analysts' estimates typically exclude special items. The company has established a Normalized FFO guidance range of $0.58 to $0.62 per share for the first quarter of 2012. Analysts expect the company to report earnings of $0.65 per share for the first-quarter. The company has established a Normalized FFO guidance range of $2.68 to $2.78 per share for the full year 2012. Analysts expect the company to report earnings of $2.76 per share for fiscal 2012. The company expects to pay a dividend of $0.3375 per share for each of the first three quarters of 2012 and a fourth quarter dividend that would bring the full year amount to approximately 65% of the company's Normalized FFO per share for the year. The company estimates that its 2012 annual common share dividend would range from $1.74 to $1.81 per share.
Copyright RTT News/dpa-AFX
