This excerpt taken from the EQR 8-K filed Feb 5, 2009.
Provides Outlook for 2009 Performance
CHICAGO--(BUSINESS WIRE)--February 4, 2009--Equity Residential (NYSE: EQR) today reported results for the quarter and year ended December 31, 2008. All per share results are reported on a fully-diluted basis.
“Our 2008 operating results were in line with our expectations due mostly to strong property performance in the first nine months of the year since we did not begin to feel the full impact of the slowing economy and mounting job losses until later in the year,” said David J. Neithercut, Equity Residential’s President and CEO. “2009 will be a challenging year as job losses are expected to continue, further weakening pricing power across our markets. Looking longer term, however, we are excited about our prospects because there is virtually no new product in the development pipeline and the demographic picture is very favorable for apartment fundamentals.”