From the Banker & Tradesman:
National apartment developer Equity Residential reported a $43.7 million drop in the third quarter, posting net income of $143.4 million for 2009 compared to Q3 2008 income of $187.1 million – a decline of 23.4 percent.
Equity Residential, which has a Massachusetts presence, said the drop was due to a 3.9 percent decrease in revenues, while net operating income decreased 5.8 percent. Expenses decreased 0.6 percent. The revenue decrease was due to a 3.2 percent drop in average rental rates and a 0.7 percent decrease in occupancy to 93.7 percent.
Year-to-date net income, meanwhile, is down nearly $140 million compared to the first nine months of last year. Equity posted income of $334.7 million thus far in ’09, which was at $474.6 million through the first nine months of 2008 – a 29.5 percent drop.