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Real estate investment trust Equity Residential ($60.18 0%) reported strong operational fundamentals, delivering store revenue growth of 5.5% for 2012 and net operating income growth of 7.6%, among the best results in the company's history.
Funds from operations for the fourth quarter of 2012 were $0.94 per share, up from $0.64 per share last year. The increase was due to a termination fee of $80 million that the company received in connection with its pursuit of Archstone Enterprise.
On Nov. 26, Equity Residential and AvalonBay Communities entered into agreement with Lehman Brothers Holdings to acquire for $16 billion, the assets and liabilities of Archstone, consisting primarily of a portfolio of high-quality apartment properties in major markets.
"Market conditions remain favorable and we currently expect to achieve 4% to 5% same store revenue growth in 2013, yet another year above historical trend," said President and CEO David Neithercut at Equity Residential. Equity residneti
Click here to read the full earnings report.
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