Originally created 02/18/99

Equity revenues hit new high



Equity Residential Properties Trust reported Wednesday fourth-quarter and year-end results for 1998. It was a record year for the Chicago-based company with revenues crossing the billion-dollar mark, president and chief executive officer Douglas Crocker II said.

Equity Residential, the largest publicly traded apartment company in the nation, completed a merger with Augusta-based Merry Land & Investment Co. on Oct. 19. The merger added 118 apartment complexes to the company's portfolio.

Equity Residential's total revenues for the fourth quarter of 1998 were $404.8 million, compared to $237.6 million in the same quarter of 1997. Fourth-quarter 1998 net income was $76.3 million, compared to $60.7 million in the same quarter of 1997. Funds from operations rose to $137.5 million, or $1.07 per share, compared to $82.2 million or 94 cents per share in the fourth quarter of 1997.

Average occupancy for the quarter was 96 percent.

For the year's end, total revenuewas $1.3 billion, compared to $747.3 million in 1997, a 79 percent increase. Net income for 1998 was $258.2 million, compared to $176.6 million in 1997. Funds from operation were $458.8 million, or $4.05 per share, compared to $270.8 million, or $3.64 per share in 1997. That was an 11.3 percent increase per share.

Average occupancy for the year was 95 percent.

On a same-store basis, which included 93,368 units, revenues increased 4.2 percent, and net operating income increased 6 percent on a quarter-to-quarter comparison.

Equity Residential acquired three apartment complexes for an aggregate purchase price of about $65.8 million. It sold 11 properties for about $100 million, gaining about 9 million for these sales.