This excerpt taken from the EQR 8-K filed Feb 6, 2008.
First Quarter and Full Year 2008 Earnings Guidance
The company has established an FFO guidance range of $0.56 to $0.60 per share for the first quarter of 2008. The difference between the company’s actual fourth quarter 2007 FFO of $0.67 per share to the midpoint of the first quarter 2008 FFO guidance range is primarily a result of the following items:
The company has established an FFO guidance range for full year 2008 of $2.45 to $2.60 per share. The assumptions used to determine this guidance range are listed on page 28 of this release.
The difference between the company’s actual 2007 FFO of $2.39 per share and the midpoint of the company’s 2008 FFO guidance range is attributable to the following factors:
Please note that the reduced share count benefit of approximately $0.10 per share that the company anticipates for 2008 is entirely offset by increased interest expense (i.e. interest expense would have been approximately $40.0 million lower instead of approximately $10.0 million lower in 2008 if not for share buybacks in 2007.