How much lower, the company says, will become clearer next monthduring its third-quarter conference call.

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"There is no road map for the environment in which we arecurrently operating," says Equity Residential President and CEODouglas Crocker. "It will take time to determine what the effectsof the September 11th tragedy will have on the nation, our industryand our company. However, we will produce positive operatingresults this year and are confident that we will produce positiveoperating results next year, but are uncertain at this time whatthe range of these results will be."

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Equity Residential stock was down 3.37% to $56.24 on theannouncement.

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Analysts had expected Equity Residential to show earnings of$1.38 per share in the fourth quarter and $5.72 per share in2002.

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The REIT had projected vacancies of 5% to 6% in 2002, revenueincreases of 3.5% to 4% while keeping increases in expenses at 2.5%to 3%. That was expected to result in net operating incomeincreasing 4% to 4.25%.

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