Equity Residential has revised its funds from operations projections to a range of $0.50 to $0.51 per share in the third quarter. Before Hurricanes Charley and Frances, the REIT's funds from operations guidance was $0.53 to $0.55 per share for the third quarter. Although it believes funds from operations will still end the year between $2.15 to $2.29 per share, Equity Residential says the result will likely be at the low end of that range.
South Florida is Equity Residential's No. 2 market in terms of net operating income, accounting for 6.3% of the REIT's total. Orlando accounts for 3% of the company's NOI, the 16th largest share. North Florida is 18th on the NOI list at 2.8%.
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