This excerpt taken from the EQR 8-K filed Feb 6, 2008.
Same-Store NOI Increases 5.6% Provides Outlook for 2008
CHICAGO--(BUSINESS WIRE)--Equity Residential (NYSE:EQR) today reported results for the quarter and year ended December 31, 2007 and provided its outlook for 2008 performance. All per share results are reported on a fully-diluted basis.
“Across our core markets we see very little new supply being delivered, declining home ownership rates, continued significant premiums to own a home versus the cost to rent and a favorable demographic picture. While the weakening economy and slowing job growth give us good reason to be cautious as we enter 2008, our portfolio is currently 94.5 percent occupied. These factors lead us to believe that in 2008 we will produce same-store revenue growth of 3.0-4.0 percent, which, while not as strong as what we had anticipated ninety days ago, is good growth on a historical basis,” said David J. Neithercut, Equity Residential’s President and CEO.